Beneficial Ownership and Control Structure Form

For certain business activities, merchants are required to complete a Beneficial Ownership and Control Structure Form to identify and verify the individuals who ultimately own or control their company. A Beneficial Owner is defined as any natural person who, directly or indirectly, holds 5% or more of the shares or voting rights in the business. It also includes individuals who exercise effective control over the business through other means, such as a CEO or Managing Director, even if they don't meet the shareholding threshold. If the business is owned by another company, merchants must "look through" the corporate structure to identify the ultimate individual owners, ensuring transparency and compliance with financial regulations. This process helps prevent illicit financial activities and ensures that the true owners are known.