Beneficial Owner (BO) definition
Beneficial Owner (BO) means:
Beneficial Owner (BO) means the ‘Natural Person’ who ultimately owns or exercises effective control, directly or indirectly, over a customer or the natural person on whose behalf a transaction is being conducted, or the natural person who exercises effective ultimate control over a legal person or legal arrangement, as per Cabinet Decision No. (10) of 2019 concerning the Implementing Regulation of Federal Decree Law No. 20 of 2018 on Anti-Money Laundering and Combating the Financing of Terrorism and Illegal Organisations.
Beneficial Owner (BO) meansa. Where the customer is a company, the beneficial owner is the natural person(s), who, whether acting alone or together, or through one or more juridical persons, has/have a controlling ownership interest or who exercise control through other means.Explanation- For the purpose of this sub-clause-“Controlling ownership interest” means ownership of/entitlement to more than 10 per cent of the shares or capital or profits of the company.“Control” shall include the right to appoint majority of the directors or to control the management or policy decisions including by virtue of their shareholding or management rights or shareholders agreements or voting agreements.b. Where the customer is a partnership firm, the beneficial owner is the natural person(s), who, whether acting alone or together, or through one or more juridical person, has/have ownership of/entitlement to more than 15% of capital or profits of the partnership.c. Where the customer is an unincorporated association or body of individuals, the beneficial owner is the natural person(s), who, whether acting alone or together, or through one or more juridical person, has/have ownership of/entitlement to more than 15 per cent of the property or capital or profits of the unincorporated association or body of individuals.Explanation: Term ‘body of individuals’ includes societies. Where no natural person is identified under (a), (b) or (c) above, the beneficial owner is the relevant natural person who holds the position of senior managing official.d. Where the customer is a trust, the identification of beneficial owner(s) shall include identification of the author of the trust, the trustee, the beneficiaries with 15% or more interest in the trust and any other natural person exercising ultimate effective control over the trust through a chain of control or ownership.
Examples of Beneficial Owner (BO) in a sentence
The Beneficial Owner (BO) account [Client ID: _ DP ID: IN _ ] is held in the joint names of _ , _ and _with the Participant.
More Definitions of Beneficial Owner (BO)
Beneficial Owner (BO) means a person whose name is recorded as such with a Depository. The BO has expressed its interest in availing of the services provided by the DP using easiest. The BO has executed the Depository Services Agreement pursuant to which the BO owns, controls and operates accounts with CDSL through the DP or the BO/DP have been exempted from entering into such an agreement pursuant to the relevant provisions of CDSL's Bye-Laws. The BO and DP have agreed to record the terms and conditions mentioned forthwith upon which the BO may participate in easiest.
Beneficial Owner (BO) means Natural person who ultimately owns or controls the bidder’s company and / or the naturalperson on whose behalf a transaction is being conducted; or