Financial institutions are obliged to identify their contracting partners. This also includes beneficial owners. In this way, more transparency is created and economic transactions by illicit companies can be detected and prevented.
Who are beneficial owners?
Beneficial owners are natural persons on whose behalf a business partner is acting or under whose control a contractual partner stands. In case of corporations and partnerships, beneficial owners are persons who (indirectly) hold more than 25 per cent of the capital shares, or control more than 25 percent of the voting rights or exercise control in a comparable manner.
Document beneficial owners in the Compliance Suite
The new release of ACTICO Compliance Suite now enables the documentation of beneficial owners.
These 3 options of data delivery are possible:
Beneficial owners are not be held in the operating systems of the financial institution: Then there is the possibility to enter the beneficial owner directly into the ACTICO Compliance Suite. Particularly interesting: In addition, relationships between persons can be illustrated.
Beneficial owners are included in the operating systems, but the connections between the persons are missing. It is then possible to add relationships in the Compliance Suite based on the delivered personal data.
Data of beneficial owners are included in the operating systems and are imported into the Compliance Suite.
Similarly to beneficial owners, parties involved with foundations and trusts can also be entered.