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      Question

      What does "beneficial owner"

      mean________Β 
      A A person who receives dividends from a company's profits Correct Answer Incorrect Answer
      B An individual who has no control over the assets of a client Correct Answer Incorrect Answer
      C An individual who is a nominal account holder at a financial institution Correct Answer Incorrect Answer
      D An individual who only manages assets on behalf of another person Correct Answer Incorrect Answer
      E An individual who ultimately owns or controls a client or conducts transactions on behalf of another, including control over a juridical person Correct Answer Incorrect Answer

      Solution

      Section 2. Definitions: (fa) "beneficial owner" means an individual who ultimately owns or controls a client of a reporting entity or the person on whose behalf a transaction is being conducted and includes a person who exercises ultimate effective control over a juridical person.

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