#QuickBiteCompliance Day 34
👀 Who is the “Beneficial Owner”? Let’s Find Out!
Hey everyone! Let’s talk about something called a Beneficial Owner and why it’s important in the fight against financial crime. 🌍💸
What is a Beneficial Owner?
Think of a beneficial owner as the real boss behind the scenes. They’re the real person who owns or controls an account or a business, even if they’re hiding behind someone else’s name. They may look like they’re not in charge, but they actually pull all the strings!
How Bad Guys Use Beneficial Owners in Crime
Some people use beneficial owners to do sneaky things. Here’s how:
1. Hiding Who’s Really in Charge 👤
Imagine a criminal who wants to hide their connection to a company. They’ll put the company in someone else’s name—maybe a friend or family member. This makes it hard to tell that the criminal is really in control!
2. Owning Secret Parts of Businesses 🏢
Sometimes, bad guys secretly own parts of companies to hide where their money is. They might only show a “fake” owner and keep their own name hidden. That way, they can make big money moves without anyone realizing it’s theirs.
3. Controlling Money Flows in Secret 🔄💰
A beneficial owner can also use someone else’s name to move money around. By hiding in the background, they control the account but make it look like someone else is doing the transactions.
Beneficial owners are often hidden, making it hard to see who’s really behind a business or an account. That’s why it’s important to track down these “secret bosses” so we can catch the bad guys trying to commit financial crime!
👉 Knowing about beneficial owners helps us see who’s really in control and protects our financial system from hidden dangers!
#InclusiveRegtech #OpenSourceAML #BeneficialOwner
Source: https://www.acams.org/en/resources/aml-glossary-of-terms
