In accordance with the Anti-Money Laundering Regulations, 2011 (AMLR) and the Anti-Terrorism (Prevention of Terrorist Financing) Regulations, 2011, (ATR), beneficial owner or controller:
- means a natural person who
- ultimately owns or controls a customer or other person on whose behalf a transaction is being conducted; or
- exercises ultimate, effective control over the management of a legal person or other entity; and
- includes ultimate ownership or control whether it is direct or indirect; but
- does not extend to a body corporate, the stock or shares of which are admitted to trading on a regulated market.
Pursuant to the Financial Services (Implementation of Industry Standards) Regulations, 2011 (FSIISR), all regulated entities, businesses or persons must regularly monitor beneficial owners of legal persons and arrangements and ensure that verification checks are carried out on any new beneficial owners, the identity of whom have come to light as a result of such monitoring or otherwise.