Who is a beneficial owner?

A beneficial owner (BO) is a natural person who owns or controls a company directly or indirectly by holding a sufficient percentage of shares or voting rights. This may include:

a) A natural person who directly controls the client by holding more than 25% of the client’s ownership and/or voting rights, or who indirectly controls the client through one or more legal entities within the client’s ownership and control structure. This includes any natural person who directly controls (by holding more than 25% of ownership and/or voting rights) a legal entity within the client’s ownership and control structure that, in turn, exercises control over the client (by holding more than 25% of ownership and/or voting rights), either directly or through other legal entities within the structure.;

b) A natural person who controls the client by other means, without being a direct or indirect owner of the company. This may include a natural person holding the position of senior managing official within the identified legal entity.