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Identifying Beneficial Owners

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When it comes to establishing and maintaining business relationships, especially in the context of financial institutions, identifying beneficial owners is crucial. In this article, we’ll explore who falls under this category.

Who is Considered a Beneficial Owner?

A beneficial owner can be one of several types of individuals or entities:

Types of Beneficial Owners

1. Customer of a Financial Institution

• Anyone who has an account with the financial institution, such as checking or savings accounts.
• This includes individuals and businesses.

2. Politically Exposed Person (PEP)

• A government official or someone closely related to them.
• This can include heads of state, ministers, ambassadors, and other high-ranking officials.
• Family members and close associates of PEPs are also considered beneficial owners.

Other Types of Beneficial Owners

3. Co-Contracting Institution

• An institution that is involved in correspondent banking or financial instrument distribution.
• This includes banks, credit unions, and other financial institutions.

4. Any Individual or Legal Entity with Whom a Business Relationship is Being Established or Maintained

• Anyone who has an existing business relationship with the financial institution.
• This can include businesses, organizations, and individuals.