Source: https://sp-consulting.co.uk/beneficial-owner-aml-german-version/
Timestamp: 2020-08-03 15:19:18
Document Index: 698889182

Matched Legal Cases: ['§ 3', '§ 2', '§ 20', '§ 20', '§ 290', '§ 43', '§ 3', '§ 3']

§ 3 - Beneficial Owner - AML German Version - S&P Consulting
(1) Benefical Owner within the meaning of this Act means
the natural person who ultimately owns or controls the customer, or
the natural person on whose behalf a transaction is ultimately conducted or a business relationship is ultimately established. Beneficial owners include, in particular, the natural persons listed in paragraphs 2 to 4.
(2) In the case of legal persons, excluding foundations with legal capacity, and other companies which are not listed on a register lated market as defined in § 2 paragraph of the Securities Trading Act are no subject to disclosure requirements in conformity with Community legislation equivalent international standards, with regard to voting right shares, any natural person qualifies as beneficial owner who, is rectly or indirectly,
holds more than 25% of the shares;
exercises control over more than 25% of the voting rights, or
Indirect control exists, in particular, if spective interests are held by one or several associations as defined in § 20 paragraph which are controlled by a natural person. Control is deemed to exist, in particular,
the natural person is able to exercise, rectly or indirectly, controlling influence over the association as defined in § 20 paragraph 1. § 290 paragraph 2 to 4 of the Commercial Code shall apply analogously the existence of controlling influence. If natural person was identified even after excution of comprehensive investigations in the absence of facts as defined in § 43 paragraph 1 or the existence of doubts as the beneficial ownership of the identifi person the legal representative, manageing shareholder or partner of the customer shall be deemed as beneficial owner.
(3) In case of foundations with legal capacity and legal structures through which funds are managed and distributed by who of trust or through which third parties a commissioned with such management and distribution, or legal structures comparal to these, the beneficial owners include:
any natural person who acts as a trustor, manager of trusts (truste e) or protector, if available;
any natural person who is a member ofthe board of the foundation;
any natural person who has been termined as beneficiary;
the group of natural persons in whose interest the funds are to be managed ordistributed, provided that the naturalperson who shall become the beneficary of the managed property has not yet been determined, and
any natural person who otherwiserectly or indirectly exercises controlling influence over the asset management or the distribution of profits.
(4) In the case of action on the initiative of another person, the person on whose initative the action is taken likewise qualifies as beneficial owner. If the customer acts as trustee, he is also deemed to act on the initiative of another person.
§ 3 – Beneficial Owner – AML German Version – Beneficial Owner
Compliance & Geldwäschebeauftragter – § 3 – Beneficial Owner – AML German Version