Beneficial owners

The 2004 Law defines beneficial owners as follows:

A “beneficial owner”, within the meaning of the 2004 Law, means any person who ultimately owns or controls the customer and/or any person on whose behalf a transaction is carried out or an activity is performed. The beneficial owner includes at least:

a) For companies:

i) Any person who ultimately owns or controls an entity by owning or controlling, directly or indirectly, a sufficient percentage of shares or voting rights in that entity, including through bearer shares, other than a company listed on a regulated market which is subject to disclosure requirements in line with EU law or equivalent international standards; a shareholding of more than 25% is considered sufficient to meet this criterion.

ii) Any person who otherwise exercises control over the management of an entity.

b) For entities such as foundations and legal structures like trusts that administer or distribute funds:

i) Where the future beneficiaries have already been designated, any person who is the beneficiary of at least 25% of the assets of the arrangement or entity.

ii) Where the individuals who benefit from the arrangement or entity have not yet been designated, the group of persons in whose main interest the legal arrangement or entity has been established or operates.

iii) Any person who exercises control over at least 25% of the assets of the legal structure or entity.

Since the identification of beneficial owners is required by the 2004 Law, the FIU requests that these persons be provided in the reporting.

The beneficial owner who is a person must therefore be provided:

• under the "Account" object, as “Related person(s)”, selecting the role “Beneficial owner” in the “Role” field of the window that opens, and then completing the person form with the beneficial owner’s information.

• Under the "Entity" object, as “Related person(s)”, selecting the role “Beneficial owner” in the “Role” field displayed at the top of the natural person form, and then completing the form with the beneficial owner’s information.

How to provide the details for a person?