Compliance: Beneficial Owner

What does the term BENEFICIAL OWNER (BO) means?

• Any natural person(s) who ultimately owns or controls an entity and/ or the natural person on whose behalf a transaction is being conducted.

• A person or entity who is the authorized signatory of the account, and whose name appears on the account.

Criminals have been relying on different corporate vehicles to conceal their illegal assets by maintaining a legitimate font. This include among others the usage of_____________________ and other types of corporate vehicles with complex ownership to avoid detection by authorities.

• Shell companies only

• Partnership and Foundation only

• Trust only

• Shell companies, partnerships, foundation, trusts

Business unit is requires to exercise reasonable measure to identify the Beneficial Owner(s) through understanding of the ……………. and …………… of the customer.

• Nature of Business / Senior Management

• Ownership / Control Structure

Beneficial Owner refers to a natural person(s) who ultimately owns a customer having more than____________ effective ownership which may be observed through shares capital or voting rights. Having a golden share refers to ________ownership.

• 25% / 51%

• 25% /50%

• 20% / 49 %

Staff should identify the Beneficial Owners (BO) of legal persons through the cascading Steps. Please choose the right sequence:

I. Identifying the natural persons with equity interest of more than 25%.

II. Identify the identity of natural persons holding the position of senior management within the legal person.

III. Identify the natural person who exercise effective control over an entity.

• I, II and III

• I, III and II

• III, I, and II