The availability of beneficial ownership information is now a key requirement on Veem due to Veem’s AML program. This means that we are collecting and validating this information to keep your account and other accounts using the Veem payment infrastructure safe. Different jurisdictions across the globe enforce these requirements, for financial institutions and banks to capture beneficial ownership information to ensure the identity of BO in the business is known, as part of the Anti-Money Laundering (AML) framework. These requirements go by several names including “know your customer” (KYC).
A beneficial owner (BO) is simply a person or an individual who ultimately owns or controls a legal entity or arrangement, such as a company, a trust, or a foundation. This ownership or control can be exercised in a variety of ways: for example, holding a controlling ownership interest (e.g. 25 percent or more), control of a significant percentage of voting rights, or the ability to name or remove the members of an entity’s board of directors.
Veem has made this process seamless for clients to be able to add and complete the beneficial ownership profile in a couple of minutes!
To learn how to add the Beneficial Ownership Information on Veem, please click here.
To learn how to change/update the Beneficial Ownership Information on Veem, please click here.
To learn how to certify the Beneficial Ownership Information on Veem, please click here.
Need more help? You can chat or call our Customer Success team here.