For AML you need to list who you will do identity check on. These people are beneficial owners, effective controllers or customers.
2Shakes helps you to find a list of people for identity verification. We use search live companies office data. 2Shakes finds the directors, shareholders and any possible trusts. It looking through all the layers of company and share ownership. Then provides a list of people to consider for identity checks.
AML legislation asks that you verify the identity of the customer, whoever owns the customer and whoever is ineffective control of the customer.
We can also identify where ownership appears to be held in a trust or a foreign company. 2Shakes has additional features to help record trust information here.
Use this link to find out more information about AML in 2Shakes.
Section 5 of the Act defines a beneficial owner as an individual who has effective control of a customer; or person on whose behalf a transaction is conducted; or owns a prescribed threshold of the customer or person on whose behalf a transaction is conducted.
A beneficial owner is someone who:
Use this link to read DIA’s guidance on Beneficial Owners.
2Shakes finds beneficial owners for you.
2Shakes presents the information held at companies office in a diagram. It show you the companies, possible trusts and individuals that hold shares. It lists directors (who are often in effective control). It sums up shareholdings to show who own 25% or more of a company.
Where the same person owns shares in different parcels at different levels. 2Shakes does the math to determine the effective share ownership each person owns.
2Shakes automatically present you a list of the beneficial owners.
As well as the beneficial owner company structure diagram. 2Shakes have created an ultimate owner structure algorithm as well. We can show you every company that is owned by an individual, a trust or company. We can help you find who the ultimate owner is of a company, and then what else that ultimate owner, owns. Contact us to find out more.
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