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HMRC internal manual

Money Laundering Regulations: Registration

From
HM Revenue & Customs
Updated
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Fit and Proper Test: Beneficial Owner in a Body Corporate

If the company is listed on a regulated market, a beneficial owner is any individual who exercises control over the management of the body.

If the company is not listed on a regulated market, a beneficial owner is any individual who ultimately owns or controls more than 25 per cent of the shares or voting rights in the body, through direct or indirect ownership or control, including through bearer shareholdings.