Beneficial Ownership
Overview
A beneficial owner is a natural person who either owns a significant portion of a business or exercises substantial control over it. Beneficial ownership data is a critical component of regulatory compliance, particularly for Know Your Customer (KYC) and Anti-Money Laundering (AML) requirements. Each beneficial owner is uniquely identified and linked to a business and account, and includes detailed personal, identification, and ownership information.
This section defines the required fields and data specifications for beneficial owner records. A beneficial owner represents an individual with direct or indirect ownership or control over a business entity. Each record includes attributes necessary for identity verification, ownership validation, and compliance tracking.
Beneficial ownership data includes:
- Unique identifiers for the owner, business, and associated account
- Personal and government-issued identification details
- Ownership percentage and control-related roles
- Political exposure indicators and residency status
- Address and contact information
These fields ensure that each beneficial owner is accurately identified, assessed, and reported in accordance with regulatory standards, supporting secure data exchange and risk management across our infrastructure.
Field Definitions
| FIELDS | REQUIRED | DESCRIPTION | CHARACTER LENGTH | EXAMPLE |
|---|---|---|---|---|
| BENEFICIALOWNERID | Y | Unique ID | 35 | BENEOWN234 |
| BUSINESSID | Y | Unique ID identifying a business associated with a customer. | 20 | BUS789012 |
| FIRST NAME | Y | First name of the beneficial owner. | 50 | John |
| MIDDLE NAME | N | Middle name of the beneficial owner | 50 | |
| LAST NAME | Y | Last name of the beneficial owner. | 50 | Doe |
| RESIDENCY STATUS | Y | If US Citizen then enter US , If Resident Alien then enter RA , If Non-Resident Alien then enter NA | 4 | US |
| SSN | Conditional | If residency status is US or RA then SSN value is required. If residency status is NA then SSN value is optional.Valid SSN required for Beneficial Owners residing in the US. | 9 | 123456789 |
| ID TYPE | Conditional | ID TYPE is optional if SSN is provided. ID TYPE is required if SSN is not provided. ID Type can be one of the following: DRIVERSLICENSENO (Driver's License Number) MATRICULACONSNO (Matricula Consular Number) PASSPORT (Passport) VISA (Visa) ALIENREG (Alien Reg. (Green Card)) STATEID (State ID) GOVERNMENTID (Government ID) OTHERID (Other Identification) USTAXID (US Tax ID) | 16 | SSN |
| ID NUMBER | Conditional | ID NUMBER is optional if SSN is provided. ID NUMBER is required if SSN is not provided. Government-issued identification value. | 20 | 123-45-6789 |
| ID ISSUE DATE | Conditional | ID ISSUE DATE is optional if SSN is provided. ID ISSUE DATE is required if SSN is not provided. Date when the identification was issued . | DATE(YYYYYMMDD) | 20200101 |
| ID EXPIRATION DATE | Conditional | ID EXPIRATION DATE is optional if SSN is provided. ID EXPIRATION DATE is required if SSN is not provided. | 20200101 | |
| DATE OF BIRTH | Y | Date of birth of the beneficial owner. | DATE(YYYYYMMDD) | 20200101 |
| TITLE | Conditional | Only required for control persons. Position at the business, please use one of the following abbreviated options: CEO (Chief Executive Officer) COO (Chief Financial Officer) CFO (Chief Financial Officer) MGR (Managing Member) GP (General Partner) VP (Vice President) TR (Treasurer) OTH (Other) UNK (Unknown) | 50 | CEO |
| IS CONTROL PERSON | Y | Provide YES for this field. You can only provide one CONTROL PERSON PER BUSINESS. | 3 | YES |
| IS NATURAL AUTHORIZED PERSON | Y | Provide YES for this field. You can only provide one NATURAL AUTHORIZED PERSON PER BUSINESS. | 3 | YES |
| IS BENEFICIAL OWNERSHIP PERSON | Y | Answer YES or NO for this field. | 3 | YES |
| OCCUPATION | Y | Current position at company. Different from company title. | 100 | Director of Business Development and Finance |
| OWNERSHIP PERCENTAGE | Conditional | If YES was provided as a value in IS BENEFICIAL OWNERSHIP PERSON field Then ownership percentage must be provided. Percentage of ownership at the business. Must be a whole number. | 3 | 25 |
| FOREIGN SENIOR POLITICAL FIGURE | Y | Indicates if the person is a political figure. Please provide a "TRUE" Or "FALSE" answer. | 5 | TRUE |
| FOREIGN POLITICALLY EXPOSED PERSON | Y | Indicates if the person is politically exposed. Please provide a "TRUE" Or "FALSE" answer. | 5 | FALSE |
| ADDRESS LINE 1 | Y | Valid address line 1 of the beneficial owner (no PO BOX, no special characters). Street address 1, City, and Country are required for all beneficial owners, regardless of residency status—including Non-Resident Aliens (NRA). | 100 | 123 Main St |
| ADDRESS LINE 2 | N | Valid address line 2 of the beneficial owner (if applicable). | 100 | Apt 4B |
| CITY | Y | City of the beneficial owner (no numeric values, no special characters). | 50 | New York |
| STATE | Conditional | Required for US Addresses only. State of the beneficial owner (no numeric values, no special characters). | 2 | NY |
| ZIP CODE | Conditional | Required for US Addresses only. Postal code of the beneficial owner (must be numeric for US addresses). | 10 | 10001 |
| COUNTRY CODE | Y | Country code of the beneficial owner. Use ISO 3166-1 Alpha-2 Country code standard. | 2 | US |
Updated 11 months ago