What is Beneficial Owner? Explain?
Beneficial Owner Table of content:- Beneficial Owner Types of Beneficial owners Ultimate Beneficial owners (UBOs) Intermediate Beneficial owners (IBOs) What is Beneficial Owner? 1. Definitions: A beneficial owner is a person who enjoys the benefits of ownership though the property's title is in another name. According to Inter-American Development Bank (IADB) Beneficial owners are - “Always natural persons who ultimately own or control a legal entity or arrangement, such as a company, a trust, a foundation.” According to the United States' Securities Exchange Act, : “A Beneficial owner of a security includes any person who, directly or indirectly, has or shares voting or investment power.” According to FATF ( Financial Action Task Force) “Beneficial owner is the natural person(s) who ultimately owns or controls a legal entity and/or the natu...