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2018 BENEFICIAL OWNERSHIP WHAT IS BENEFICIAL OWNERSHIP? To help the government fight financial crime, federal regulation requires certain financial institutions obtain, verify, and record information about

How to fill out what is beneficial ownership

How to fill out what is beneficial ownership

1. Step 1: Determine the beneficial owner of the company or organization. This is the individual who enjoys the benefits of ownership even if their shares are held by another entity.
2. Step 2: Gather the necessary information about the beneficial owner. This may include their full name, date of birth, residential address, nationality, and percentage of ownership.
3. Step 3: Fill out the beneficial ownership declaration or form provided by the relevant authority or institution. Make sure to provide accurate and up-to-date information.
4. Step 4: Attach any supporting documents required, such as identification documents or proof of share ownership.
5. Step 5: Submit the completed form and supporting documents to the appropriate authority or institution as per their guidelines and instructions.
6. Step 6: Keep a copy of the filled-out form and supporting documents for your records.
7. Step 7: Update the beneficial ownership information as necessary, especially in case of any changes in ownership or circumstances.
8. Step 8: Monitor and ensure ongoing compliance with any reporting or disclosure requirements related to beneficial ownership.

Who needs what is beneficial ownership?

1. Various entities and organizations may require information about beneficial ownership, including:
2. - Government agencies and regulatory bodies to prevent money laundering, terrorism financing, and other illicit activities.
3. - Financial institutions, such as banks and insurance companies, to assess potential risks and compliance with regulations.
4. - Professional service providers, such as accountants, consultants, and lawyers, involved in transactions or advisory services.
5. - Non-profit organizations and foundations to ensure transparency and accountability in their operations.
6. - Investors and shareholders seeking information for due diligence or decision-making purposes.
7. - International organizations and jurisdictions promoting global standards for combating financial crimes.
8. - Legal authorities and law enforcement agencies investigating financial fraud or illegal activities.

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