Beneficial Owner means the natural person or natural persons who ultimately own or control the customer and/or the natural person on whose behalf a transaction or activity is being conducted. It shall at least include:
- In the case of corporate entities:
- The natural person or natural persons who ultimately own or control a legal entity through direct of indirect ownership or control a sufficient percentage of the shares or voting rights in that legal entity, including through bearer share holdings, a percentage of 10% plus one share be deemed sufficient to meet this criterion;
- The natural person or natural persons who otherwise exercise control over the management of a legal entity.
- In the case of legal entities such as foundations and legal arrangements, such as trusts, which administer and distribute funds:
- Where the future beneficiaries have already been determined, the natural person or natural persons who is the beneficiary of 10% or more of the property of a legal arrangement or entity;
- Where the individuals that benefit from the legal arrangement or entity have yet to be determined, the class of persons in whose main interest the legal arrangement or entity is set up or operates;
- The natural person or natural persons who exercise control over 10% or more of the property of a legal arrangement or entity.