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What are the types of beneficial owners?

Beneficial owners are always natural persons who ultimately own or control a legal entity or arrangement, such as a company, a trust, a foundation, etc. A simple example (depicted in Figure 1 below) demonstrates how the use of a legal entity or arrangement can obscure the identity of a beneficial owner.

What is the purpose of the beneficial ownership rule?

The intent of the Beneficial Ownership Rule is to assist authorities in counteracting money laundering, tax evasion, and other financial crimes. FinCEN requires all financial institutions to begin collecting the required information for new accounts opened no later than May 11, 2018.

What is the difference between legal owner and beneficial owner?

Legally, an ownership can be classified into two; (1) legal and (2) beneficial ownership. A legal owner is a person who holds the legal title under his name, whereas a beneficial owner is a person who enjoys the benefits of ownership even though the title is in another name.

Why do we need to identify beneficial owners?

Understanding who ultimately has control of your customer plays an important role in detecting, disrupting and preventing money laundering and terrorism financing. It can also protect your business or organisation from being exploited for other forms of criminal activity.

What is beneficial ownership in banking?

Under the ownership prong, a beneficial owner is each individual, if any, who, directly or indirectly, through any contract, arrangement, understanding, relationship or otherwise, owns 25 percent or more of the equity interests of a legal entity customer.

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How do you verify beneficial ownership?

A bank must establish recordkeeping procedures for beneficial ownership identification and verification information....At a minimum, the bank must obtain the following identifying information for each beneficial owner of a legal entity customer: Name. Date of birth. Address. ... Identification number.

What are beneficial ownership requirements?

Under the proposed rule, a beneficial owner would include any individual who (1) exercises substantial control over a reporting company, or (2) owns or controls at least 25 percent of the ownership interests of a reporting company.

What are the two prongs for identifying a beneficial owner?

The U.S. government regulation defines \u201cbeneficial ownership' as being made up of two prongs (1) Ownership Prong and (2) Control Prong. A beneficial owner is an individual, if any, who, directly or indirectly, owns 25% or more of the equity interest of a legal entity customer.

What is an example of a beneficial owner?

Example 2. John Smith is a majority shareholder with a share of 55 percent of company X, which owns 33 percent of company Z's shares. John is a beneficial owner of company X because he directly owns more than 25 percent of it. John is also a beneficial owner of company Z.

What is beneficial ownership certificate?

Beneficial Owner Certification form (required if business is a Legal Entity) - This form identifies the individuals who own or operate the business, including Beneficial Owners (those who own 25 percent or more of a business) and a Controlling Person (an individual with significant responsibility within the company).

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