Beneficial Owner

A beneficial owner is the person or entity that ultimately owns or controls an asset, company, or financial account, even if the asset is held in another name. Identifying beneficial owners is a critical part of due diligence and anti-money laundering (AML) compliance, as it helps prevent individuals from concealing their involvement in transactions or assets for illegal purposes.

Organizations are required to identify and verify beneficial owners to comply with regulations, reduce the risk of financial crimes, and maintain transparency in business relationships.