Here is the article rewritten in markdown format:

Beneficial Ownership in Nauru: A Summary

=====================================================

Beneficial ownership refers to individuals who ultimately control, own, or benefit from a legal entity such as a corporation, partnership, or trust. According to the FATF Standards, beneficial owners must be identified for the purposes of registration and compliance with anti-money laundering (AML) regulations.

Defining Beneficial Owners in Nauru

In Nauru, beneficial ownership is defined under the Trusts Act 2018 as:

• A natural person who has ultimate control, directly or indirectly, over a trust.
• A natural person who ultimately owns, directly or indirectly, a trust.
• A settlor who creates a trust on behalf of another person.
• A person who conducts transactions on behalf of a trust.

Identifying Beneficial Owners

The FATF and Nauruan laws provide several means to identify beneficial owners for trusts:

• A trustee, trustee de son tort, or similar position as trustee.
• A settlor who retains control over the trust or uses beneficiaries to manage and control the trust.
• A protector who exercises power over the terms of a trust.
• Beneficiaries or classes of beneficiaries who have influence on decision-making.

Who are Considered Beneficial Owners in Nauru?

According to the Trusts Act 2018 and FATF Standards, the following individuals are considered beneficial owners in Nauru:

1. A trustee, trustee de son tort, or similar position as trustee.
2. A settlor who retains control over the trust or uses beneficiaries to manage and control the trust.
3. A protector who exercises power over the terms of a trust.
4. Beneficiaries or classes of beneficiaries who have influence on decision-making.

These individuals are considered beneficial owners because they ultimately control, own, or benefit from the trust.