The method enables you to link an Ultimate Beneficial Owner to a legal payment account.
To be validated all Legal accounts need to provide their Ultimate Beneficial Owner information.
An Ultimate Beneficial Owner is a natural person that owns directly or indirectly (i.e. through another entity)
more than 25% of the shares/stock or voting rights of the legal entity, or a person having significant control over it
through other means. Any company established in EEA or EU is obliged to obtain and maintain this information with the competent
central register (as per article 30 of Directive 2015/843/EU).
Similar requirements may also exist in other countries.
In order to comply with AML-CTF legal provisions, payment institutions are required
to identify the beneficial owner(s) of a legal entity(i.e.a company or an organisation).
If the Legal Representative is also an Ultimate Beneficial Owner, you can specify this information when creating or updating a legal account.
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