If your business is required to adhere to international or local AML regulatory requirements, your organization needs procedures and processes to collect information about the beneficial owner. When opening business accounts, in addition to collecting the usual business information (name of business, place of business, type of business, business registration number), you will need to obtain the Identity of all individuals who have a significant ownership or control position. Also, if there is a significant change on the account, collect the beneficial ownership information.
The beneficial ownership information includes:
- With respect to the natural person opening the account: name and title;
- With respect to the legal entity customer: name and address;
- With respect to the beneficial owners:
– Name (and title for the controlling Individual (s));Date of birth;
– Address; and
– Social security number, or passport number, and country of issuance or similar ID number