What is a SIGNIFICANT BENEFICIAL OWNER?

Beneficial ownership is a term used in international commercial legislation referred to anyone who enjoys the benefits of ownership of a security or property, and yet does not nominally own the asset itself.

According to the Financial Action Task Force on Money Laundering (FATF), an independent inter-governmental body that develops and promotes policies to protect the global financial system against money laundering and terrorist financing, the term beneficial owner refers to the natural person(s) who ultimately owns or controls a legal entity and/or the natural person on whose behalf a transaction is being conducted. It also includes those persons who exercise ultimate effective control over a legal person or arrangement.

This video on the concept "SBO" is taken in english which is easier to understand and includes all regulatory compliance under companies Act, 2013 in a capsule format. It will also useful for CA, CS & CMA students as a revision.

Do you want to know more about the concept "SBO", watch this video.

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