Are my beneficial owners reliable ?

due diligence bénéficiaire

Beneficial owners

The beneficial owner is necessarily an individual.

We must distinguish between the beneficial owner and :

– The customer, whose could be a natural or legal person, or a legal structure without legal personality;

– The person in relation to the customer,

– Contract or transaction’s recipient:

  • for funds’ transfers, the beneficiary means the natural or legal person who is the final recipient of  funds;
  • in insurance’s field, the beneficiary is natural or legal person designated by the subscriber to receive the benefits guaranteed under the contract or transaction.

In banking and insurance to known the economic beneficiaries of an operation is required to fight against money laundering and terrorism . In order to avoid corruption in businesses, and to comply with the requirements of corporate social responsibility is important to inquire about economic beneficiaries of an operation. Due diligence performed on a beneficiary can protect the reputation of a company by detecting for example a person whose would have links with mafia organizations.