New Paytrail: Why are you asking for the actual beneficiaries of my business?

The request of the beneficial owners is based on the Act on the Prevention of Money Laundering and Terrorist Financing, which we as a payment service provider are required to comply with. By law, we need to know who is actually benefiting from the payment passed through our service. We cannot forward payments to a company whose actual beneficiaries are unknown to us.

For the actual beneficiaries, we need:

  • Full name
  • Date of birth
  • Personal identity number 
  • Citizenship

The actual beneficiary is always a natural person. The shape of your business determines who the actual beneficiaries are.

Private trader
The actual beneficiary is the entrepreneur himself.
Limited company
The beneficial owners are all persons who directly or indirectly own more than 25% of the shares in the company or otherwise hold the same shares or directly or indirectly hold more than 25% of the voting rights in the company. If the company is owned by another company, the persons who own more than 25% of the company owning or exercising voting rights are the actual representatives.
Public Limited Company (Plc)
Information on beneficial owners is not required.
Association
The actual beneficiaries are the members of the board of the association.
Public body
Members of the municipal board, the managing director or another person in a similar position (e.g. mayor).
A parish or religious community
The actual beneficiaries are the registered board members.
Foundation
The actual beneficiaries are the members of the board of directors and the supervisory board entered in the register of foundations.
Housing company
The actual beneficiaries are the members of the board of the housing company.
Was this article helpful?
0 out of 0 found this helpful