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Beneficial Owner

If you are a financial entity, a securities dealer, a life insurance company, broker or independent agent, or a money services business, you have to take reasonable measures to obtain beneficial ownership information about entities in certain circumstances.

Beneficial ownership information of an entity means the name, address and occupation of all the individuals that own or control, directly or not, 10% or more of the entity. If the entity is a corporation, beneficial ownership information also includes the name and occupation of all the corporation’s directors. Reasonable measures to keep beneficial ownership up to date are the same as the ones explained for client identification information.

For high risk situations, the beneficial ownership should be updated at least every two years. When you review beneficial ownership information, you should also update the records you keep for that client.