Under the Anti-Money Laundering Act (AMLA), beneficial owners and acting persons play a central role in combating money laundering and terrorist financing. They must be clearly identified and verified. Here is an explanation of the two terms:
1. beneficial owners
A beneficial owner is a natural person who exercises actual control over a company or assets. Specifically, this includes:
- Direct or indirect ownership: A person who holds more than 25% of the shares in a company is deemed to be the beneficial owner.
- Control through influence: If a person, even without formal ownership, exercises a controlling influence over business decisions or the company, they are considered to be the beneficial owner.
- Trustee or representative: Persons acting officially as representatives or trustees must be identified to ensure that there are no hidden beneficial owners.
Beneficial owners must be identified to ensure that the legally designated structure of a company is not used to conceal criminal activities such as money laundering or tax evasion.
2. acting persons
Acting persons are those who act on behalf of the company or the beneficial owners and make business decisions. These can be
- Managing directors or board members: persons who conclude binding transactions on behalf of the company.
- Authorized representatives or proxies: These persons often have formal powers of attorney to act on behalf of the company or the beneficial owner.
In the context of the AMLA, acting persons and beneficial owners must be identified and verified to ensure that all business relationships are transparent and that no anonymous structures are used for illegal activities.
By identifying these individuals, companies can better assess risks and meet their obligations to combat money laundering and terrorist financing.
Data to be collected for beneficial owners and acting persons
The following data must be collected for the beneficial owners and acting persons:
- First and last name: Full name of the beneficial owner.
- Date and place of birth: To ensure the unique identification of the person.
- Residential address: The person's current address for contact and identity verification.
- Declaration of politically exposed person (PEP): Information on whether the person is a politically exposed person, as special requirements apply to this group.
Additional optional data are
- Nationality (optional): Determines which country could be relevant for regulatory requirements.
- ID card or passport: A copy of a valid ID document must be presented and verified as part of the identity check (see Identity check procedure) in order to confirm the identity. As part of the onboarding process, the system offers the option of uploading an ID document
The following must also be documented for the beneficial owner
- Nature and extent of beneficial ownership: Information on how the person exercises influence over the company, e.g. whether they have direct or indirect ownership rights or otherwise exercise control. As a rule, shares of more than 25% are relevant.
The following must also be documented for the acting person
- Position and function in the company: What role the person performs in the company, e.g. managing director, board member or authorized signatory, as well as the type of powers of attorney.
- Power of representation: Whether and to what extent the acting person is authorized to represent the company in a legally binding manner.
