Beneficial Owner

The natural person(s) who ultimately owns or controls a company and/or on whose behalf a company is owned. It includes those persons who exercise ultimate effective control over a legal person or arrangement.

Reference to “ultimately owns or controls” and “ultimate effective control” refer to situations in which ownership/control is exercised through a chain of ownership or by means of control other than direct control.

(Source:  Adapted from Chapter III, FATF Guidance: Transparency and Beneficial Ownership. October 2014)