@Yahweh - Thanks for the comment. Yes we agree with the same, many countries are adopting that format, although they would still need the underline evidence.
@kandi Snigdha - Thanks for the suggestion, that would be a great topic to cover - it should a summary video of all the different sanction regulatory bodies or at least the main ones and other video of the overall ML/TF regulatory bodies. 👍
thanks for the clear presentation. Is there any change in BO related procedure since last 2 years? espcially from the FATF? Happy to take ur points. thanks
@iwannaquit6200 thanks for the comment/question. Hard to tell without the details of the company on how ita been setup. The best place to start if its a large corporation is the annual report or share register, from there you can gain a better idea of the setup. They dont always have a Trust Deed.
This makes no sense to me - how can someone own a customer? "the term beneficial owner means one or more natural persons who ultimately own or control a customer or the natural person or persons on whose behalf a transaction is being conducted and includes those natural persons who exercise ultimate effective control over a legal person or a legal arrangement."
@ZuruckEQ Thanks for the comment. Beneficial Owner can be any shareholder however doesnt have significant control of the entity or a company with the ownership structure. Whereas the Ultimate Beneficial Owner will hold significant equity within the company and will therefore be considered a decision maker. In the case of big companies with no shareholders holding a siginificant share the day to day person in charge will be considered the Ultimate Beneficial Owner. Hope the above helps 👍
@@KYCLookup Wow thanks for the swift response that was really helpful! Another question, if Person A and Person B each has 13% shares in a company and everyone else has less than 13%, and lets say that in order to be the UBO of this company, the person needs to hold at least 25%, therefore in this case, there will be no UBO but what if Person A and Person B are family, then together they have 26%, does that make them the UBO because as far as I know, a beneficial owner can only be a natural person.
@@zuruckEQ No problem. Part of the 2021 resolutions to answer comments are quick as possible. ;) In the scenario raised above you would have to see the exact relation between Person A and B. Is it husband and wife, brothers. Father and son. Based on the details provided i would see them as the UBOs, as the only shareholders with the majority %. They may have have a role in the running of the business like CEO, CFO, board members etc which would confirm the positions of UBOs. 👍
There is a business opportunity in mauritius where i can get a financing.a huge sum but the business has a very good profit i want to buy this business .what i have to do .? Thank you
@nilkumarramnarain3560 thank you for the comment. Withoit the full detail it is hard and not responsible to advice what decision to make. I would recommend to speak to a local legal advisor who would have more knowledge of the local way of raising funds for a business.
Please do some kind of videos regarding Trust, Charity, and Foundations. Thank you.
Good suggestion... 👍
Customer self declaration is used in our country to establish the benifical owner
@Yahweh - Thanks for the comment. Yes we agree with the same, many countries are adopting that format, although they would still need the underline evidence.
Please do a video on what is FATCA,FINCEN , OFAC and who all are considered regulatory bodies .
@kandi Snigdha - Thanks for the suggestion, that would be a great topic to cover - it should a summary video of all the different sanction regulatory bodies or at least the main ones and other video of the overall ML/TF regulatory bodies. 👍
❤
Great job 👍
thanks for the clear presentation. Is there any change in BO related procedure since last 2 years? espcially from the FATF? Happy to take ur points. thanks
Thanks for the comment, yes there has been some enhancements to the UBO definition, would be good to release a new video on that.
Great Initiative 👍 From Great Britain 🇬🇧
@Mayur Murudkar thanks for the comment, Yes, totally made in the UK :)
Please do a video on how to trace for footprint of dirty money in the financial system (general is ok)
Thanks
@Long Q Nguyen thanks for the comment and suggestion
Is a trust deed the document most would use if a family is collectively the beneficial owners of a large corporation?
@iwannaquit6200 thanks for the comment/question. Hard to tell without the details of the company on how ita been setup. The best place to start if its a large corporation is the annual report or share register, from there you can gain a better idea of the setup. They dont always have a Trust Deed.
Good video. Is there any video on fallback beneficial owners?
@Aparna Dey Thank you for the comment.
This makes no sense to me - how can someone own a customer? "the term beneficial owner means one or more natural persons who ultimately own or control a customer or the natural person or persons on whose behalf a transaction is being conducted and includes those natural persons who exercise ultimate effective control over a legal person or a legal arrangement."
Customer is a company or entity.
@@Chelleyshall thank you
thanks for the contribution, hope you are still enjoying our videos
Can you please do video on wealth management
@Srinikhitha Mali Thank you for the support and comment. Very good suggestion 👍
Thank you
@Nadeem Abbas Thank you for the support and for the comment. Hope you enjoy our other videos too 👍👍👍
ADD SUBTITLE TO THE VIDEOS......IT WOULD BE MORE BENEFICIAL FOR US
@Haidar Khan Thanks for the comment. What language subtitles would help you??
English, Tamil
English
Regulation rules please make a video
@puskar Ghosh Thanks for the suggestion. Thats a good one.
What is the difference between beneficial owner and ultimate beneficial owner?
@ZuruckEQ Thanks for the comment. Beneficial Owner can be any shareholder however doesnt have significant control of the entity or a company with the ownership structure.
Whereas the Ultimate Beneficial Owner will hold significant equity within the company and will therefore be considered a decision maker. In the case of big companies with no shareholders holding a siginificant share the day to day person in charge will be considered the Ultimate Beneficial Owner.
Hope the above helps 👍
@@KYCLookup Wow thanks for the swift response that was really helpful!
Another question, if Person A and Person B each has 13% shares in a company and everyone else has less than 13%, and lets say that in order to be the UBO of this company, the person needs to hold at least 25%, therefore in this case, there will be no UBO but what if Person A and Person B are family, then together they have 26%, does that make them the UBO because as far as I know, a beneficial owner can only be a natural person.
@@zuruckEQ No problem. Part of the 2021 resolutions to answer comments are quick as possible. ;)
In the scenario raised above you would have to see the exact relation between Person A and B. Is it husband and wife, brothers. Father and son. Based on the details provided i would see them as the UBOs, as the only shareholders with the majority %. They may have have a role in the running of the business like CEO, CFO, board members etc which would confirm the positions of UBOs.
👍
@@KYCLookup Thank you so much!! :)
@@zuruckEQ Your welcome. 👍
There is a business opportunity in mauritius where i can get a financing.a huge sum but the business has a very good profit i want to buy this business .what i have to do .? Thank you
@nilkumarramnarain3560 thank you for the comment. Withoit the full detail it is hard and not responsible to advice what decision to make. I would recommend to speak to a local legal advisor who would have more knowledge of the local way of raising funds for a business.
Could you explain the FATF recommendations.
@Ankit Srvastava Thanks for the comment. Thats a great suggestion and one which we had in the pipeline. 👍👍
Please upload more videos
@RUclips Channel Thanks for asking. NEW Video being released tomorrow. 👍
Thank youuu ❤️❤️
@dee dee - no thank you for the comment and the Hearts!! ;) 😀
great video
@niel Roy Great!! We are glad you enjoyed it. New Video this Thursday on Shell Companies 👍
Hello. Please do tax return, APS, and fillings
Thanks for the suggestion.
It's means all its my control, but Malaysia politic always block all income
Thanks for the comment
Can u please explain one of the live project
thank you for the comment, can you please elaborate on what you mean