Who is a beneficial owner?

A beneficial owner (BO) is a natural person who owns or controls a customer (legal entity), or in whose name, favour and interest a business relationship is established or a one-off transaction is carried out, and is at least:

a) in relation to legal entities, a natural person who, through direct or indirect participation, owns more than 25 percent of the capital or voting shares of a legal entity, or who directly or indirectly controls a legal entity;

b) in relation to legal arrangements, a natural person who owns or in whose interests a legal arrangement is created or operates, or who directly or indirectly exercises control over it, including being a founder, authorised person or administrator (manager) of such arrangement.