Section 1 of Part 1 of Schedule 2 to the AMLO defines a beneficial owner in relation to a corporation as:
- an individual who –
- owns or controls, directly or ndirectly, including through a trust or bearer share holding, more than 25% of the issued share capital of the corporation;
- is, directly or indirectly, entitled to exercise or control the exercise of more than 25% of the voting rights at general meetings of the corporation; or
- exercises ultimate control over the management of the corporation; or
- if the corporation is acting on behalf of another person, means the other person.