▁owner ▁on ▁the ▁record ) ▁may ▁be ▁described ▁as ▁the ▁" register ed ▁owner ", ▁and ▁if ▁they ▁are ▁not ▁the ▁benef icial ▁owner ▁they ▁may ▁be ▁described ▁as ▁a ▁" nom ine e ". ▁ ▁Definition ▁According ▁to ▁a ▁March ▁ 2 0 1 9 ▁Inter - American ▁Development ▁Bank ▁( I AD B ) ▁report , ▁benef icial ▁own ers ▁are ▁" always ▁natural ▁persons ▁who ▁ultimately ▁own ▁or ▁control ▁a ▁legal ▁entity ▁or ▁arrangement , ▁such ▁as ▁a ▁company , ▁a ▁trust , ▁a ▁foundation ". ▁ ▁According ▁to ▁the ▁United ▁States ' ▁Sec ur ities ▁Exchange ▁Act , ▁a ▁benef icial ▁owner ▁of ▁a ▁security ▁includes ▁any ▁person ▁who , ▁directly ▁or ▁indirect ly , ▁has ▁or ▁shares ▁voting ▁or ▁invest ment ▁power . ▁▁ ▁The ▁terms ▁‘ ult imately ▁own s ▁or ▁controls ’ ▁and ▁‘ ult imate ▁effective ▁control ’ ▁refer ▁to ▁situations ▁in ▁which ▁ownership / control ▁is ▁exerc ised ▁through ▁a ▁chain ▁of ▁ownership ▁or ▁by ▁means ▁of ▁control ▁other ▁than ▁direct ▁control . ▁The ▁F AT F ▁recommend ations ▁are ▁recogn ised ▁as ▁the ▁global ▁anti - m oney ▁la und ering ▁( AML ) ▁and ▁counter - ter ror ist ▁finan cing ▁( C FT ) ▁standard . ▁ ▁According ▁to ▁the ▁V ancouver , ▁BC - based ▁Tr ul io o , ▁the ▁process ▁of ▁ident ifying ▁U BO s ▁( U lt imate ▁Ben ef icial ▁O wn ership )' s ▁includes ▁acqu iring ▁and ▁ver ifying ▁a ▁company ' s