PAA Additional information defining the beneficial owners


Additional information defining the beneficial owners.

PAA CAPITAL is obligated by International anti-money-laundering law to ascertain and identify the ultimate beneficial owner. The beneficial owner means the natural person or persons in whose interest the respective business was founded. This is in accordance to International money laundering law.

  1. What is meant by the term beneficial owner?
  • The beneficial owner is any natural person(s) who has/have a 25% or more of the shares, or control of these, of an
  • If there is a juristic person or an organization as an intermediary, the respective natural person(s) acting on behalf of this third party clearly need(s) to be
  1. Information relating to the verification of the identity of the beneficiary
  • Information relating to the distribution of ownership within an organization can be obtained in the founding documents or the organization such as its Articles of Association, shareholder agreements or shareholder
  1. What information, according to anti money laundering (AML) regulations is needed in verifying the identity of the beneficiary owner?
  • As a minimum requirement, we need to obtain the full name/s of all beneficiary owners e. their respective first and last names. Additional information such as address and date of birth may also be documented. Once this data has been sub- mitted, a signature of the managing director confirming the beneficiary owner needs to be obtained. If the identification of the beneficiary owner is linked to the opening of an account then this respective account needs to be signed and opened by the same individual.
  1. Examples relating to the identification of the beneficial owners
  • Registered tradesman and merchants

In the case of registered traders and merchants etc., the beneficiary owner refers to the natural person in whose name the company is registered in. This can be verified by obtaining a copy of the business registration document or from the commercial registry.

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Document name: PAA Additional information defining the beneficial owners
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Timestamp Audit
March 26, 2018 10:23 am CESTPAA Additional information defining the beneficial owners Uploaded by PAA CAPITAL GROUP - IP