What is Beneficial Ownership? Why is this information requested?

Created by Richard Moore, Modified on Fri, 02 Jun 2023 at 12:14 PM by Richard Moore

Beneficial ownership refers to the ultimate ownership or control over an asset, such as shares in a company, even if the legal ownership is held by another entity or person. It identifies the individuals who enjoy the economic benefits of the asset and exercise significant control over it, whether directly or indirectly.

To enhance transparency and combat financial crimes, the declaration of beneficial ownership is a requirement of the US Department of Treasury. These regulations aim to create a more accountable and secure financial system by ensuring that the individuals behind the entities are known and subject to appropriate scrutiny.

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