The term beneficial owner has two different definitions depending on the context:
· The natural person who ultimately owns or controls an account through which a transaction is being conducted.
· The natural persons who have significant ownership of, as well as those who exercise ultimate effective control over, a legal person or arrangement.
By identifying the true beneficiary of funds financial investigatory units are able to ascertain whether an individual or entity is a victim of financial crime, an enabler or someone that is involved in the illicit gain of financial proceeds through criminal activity. This information enables law enforcement to legally apprehend criminals and for courts of law to award victims of financial crime compensation.
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