; (II) as authorized by the entity that issued the subpoena, summons, or other request; or (III) as prescribed by a State; or (B) in the case of a formation agent, knowingly failing to obtain or maintain credible, legible, and updated beneficial ownership information, including any required identifying photograph. (2) Civil and criminal penalties In addition to any civil or criminal penalty that may be imposed by a State, any person who violates paragraph (1)— (A) shall be liable to the United States for a civil penalty of not more than $10,000; and (B) may be fined under title 18, United States Code, imprisoned for not more than 3 years, or both. (d) Definitions For the purposes of this section: (1) Beneficial owner (A) In general Except as provided in subparagraph (B), the term beneficial owner means a natural person who, directly or indirectly— (i) exercises substantial control over a corporation or limited liability company; or (ii) has a substantial interest in or receives substantial economic benefits from the assets of a corporation or limited liability company. (B) Exceptions The term beneficial owner shall not include— (i) a minor child; (ii) a person acting as a nominee, intermediary, custodian, or agent on behalf of another person; (iii) a person acting solely as an employee of a corporation or limited liability company and whose control over or economic benefits from the corporation or limited liability company derives solely from the employment status of the person; (iv) a person whose only interest in a corporation or limited liability company is through a right of inheritance, unless the person also meets the requirements of subparagraph (A); or (v) a creditor of a corporation or limited liability company, unless the creditor also meets the requirements of subparagraph (A). (2) Corporation; limited liability company The terms corporation and limited liability company — (A) have the meanings given such terms under the laws of the applicable State