{"id":22359,"date":"2025-01-27T12:12:39","date_gmt":"2025-01-27T11:12:39","guid":{"rendered":"https:\/\/wiersholm.no\/en\/?page_id=22359"},"modified":"2025-03-04T09:59:50","modified_gmt":"2025-03-04T08:59:50","slug":"amlkyc-english","status":"publish","type":"page","link":"https:\/\/wiersholm.no\/en\/amlkyc-english\/","title":{"rendered":"Anti-money laundering \u2013 words and expressions"},"content":{"rendered":"<h1 class=\"wp-block-post-title\">Anti-money laundering \u2013 words and expressions<\/h1>\n\n\n<p>On this website, we clarify some key words and expressions in connection with anti-money laundering checks and required knowledge about our clients.<a href=\"https:\/\/wiersholm.no\/amlkyc\/\"><\/a><\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-beneficial-owners\">Beneficial owners<\/h2>\n\n\n\n<p><strong>Beneficial owners<\/strong> are natural persons who ultimately owns or controls a customer or on whose behalf a transaction is being conducted. A natural person shall in all cases be considered a beneficial owner if the person alone or together with close family members*: (a) holds more than 25 per cent of the ownership interests in the legal entity or association; (b) due to a shareholding, unit holding or membership controls more than 25 per cent of the total number of votes in the legal entity or association; (c) has the right to appoint or unseat more than half of the directors&nbsp; or equivalent of the legal entity; (d) due to an agreement with owners, members, the legal entity or association, articles of association or similar, may exercise control in accordance with letters (a), (b) or (c); or (e) otherwise controls the legal entity or association.<\/p>\n\n\n\n<p>If one or more natural persons, through control over one or more legal entities, foundations, foreign legal arrangements or other associations, exercise control over another legal entity or association in a manner as specified in the first paragraph, such natural person or persons shall be held to exercise control over the latter legal entity or association as well.<\/p>\n\n\n\n<p>*Close family members: 1. parents, 2. spouse, 3. registered partner, 4. co-habitant, 5. child, 6. child\u2019s spouse, registered partner or co-habitant.<\/p>\n\n\n\n\t\t<div class=\"t2-factbox wp-block-t2-factbox\" id=\"t2-factbox\">\n\t\t\t<div class=\"t2-factbox__content\">\n\t\t\t\t<div class=\"t2-factbox__blocks t2-factbox__inner-container is-layout-flow\">\n\t\t\t\t\t\n\n<h3 class=\"wp-block-heading\" id=\"h-in-foundations-the-following-are-beneficial-owners\">In foundations, the following are beneficial owners<\/h3>\n\n\n\n<ul class=\"wp-block-list\">\n<li>a natural person who is a director or the general manager of the foundation.<\/li>\n\n\n\n<li>a natural person who has been expressly designated to appoint a majority of the directors of the foundation. If a legal entity has been expressly designated to appoint a majority of the directors of the foundation, the beneficial owners of such legal entity are also beneficial owners of the foundation.<\/li>\n\n\n\n<li>a natural person who has provided primary capital to the foundation. If anyone other than a natural person has provided primary capital to the foundation, the beneficial owners of the providing entity are also beneficial owners of the foundation.<\/li>\n\n\n\n<li>a natural person who has been accorded special rights pursuant to section 9, first paragraph, letter d of the Foundations Act. If anyone other than a natural person has been accorded special rights pursuant to section 9, first paragraph, letter d of the Foundations Act, the beneficial owners of the entity that has been accorded special rights are also beneficial owners of the foundation.<\/li>\n\n\n\n<li>a natural person who has been expressly designated a beneficiary. If anyone other than a natural person has been expressly designated a beneficiary, the beneficial owners of such beneficiary are also beneficial owners of the foundation.<\/li>\n<\/ul>\n\n\n\t\t\t\t<\/div>\n\t\t\t\t\n\t\t\t<\/div>\n\t\t\t\n\t\t<\/div>\n\n\n\t\t<div class=\"t2-factbox wp-block-t2-factbox\" id=\"t2-factbox-1\">\n\t\t\t<div class=\"t2-factbox__content\">\n\t\t\t\t<div class=\"t2-factbox__blocks t2-factbox__inner-container is-layout-flow\">\n\t\t\t\t\t\n\n<h3 class=\"wp-block-heading\" id=\"h-in-foreign-trusts-the-following-are-beneficial-owners\">In foreign trusts, the following are beneficial owners:<\/h3>\n\n\n\n<ul class=\"wp-block-list\">\n<li>the founder<\/li>\n\n\n\n<li>the trustee<\/li>\n\n\n\n<li>the protector<\/li>\n\n\n\n<li>the beneficiaries or, where individual beneficiaries have yet to be determined, the class of beneficiaries who have a main interest in the setting up or management of the trust or similar legal arrangement<\/li>\n\n\n\n<li>any other natural person exercising control over the trust or similar legal arrangement by means of direct or indirect ownership or by other means<\/li>\n<\/ul>\n\n\n\t\t\t\t<\/div>\n\t\t\t\t\n\t\t\t<\/div>\n\t\t\t\n\t\t<\/div>\n\n\n<h2 class=\"wp-block-heading\" id=\"h-pep-politically-exposed-person\">PEP \u2013 Politically Exposed Person<\/h2>\n\n\n\n<p><strong>A PEP (politically exposed person)<\/strong> is a natural person who (i) holds or has held a prominent public function or position; (ii) is a close family member of a person mentioned under (i); or (iii) is known to be a close associate of a person mentioned under (i).<\/p>\n\n\n\n<p>A holder of a prominent public function or position means:<\/p>\n\n\n\n<ol class=\"wp-block-list\">\n<li>head of state, head of government, minister\/assistant minister<\/li>\n\n\n\n<li>member of a national assembly<\/li>\n\n\n\n<li>member of a governing body of a political party<\/li>\n\n\n\n<li>member of a high-level judicial body, the decisions of which are not subject to further appeal, except in exceptional circumstances<\/li>\n\n\n\n<li>member of the board of an auditor general&#8217;s office, a court of auditors or a central bank<\/li>\n\n\n\n<li>ambassador, charg\u00e9 d&#8217;affaires or high-ranking officer of the armed forces<\/li>\n\n\n\n<li>member of an administrative, management or supervisory body of a state-owned enterprise, or<\/li>\n\n\n\n<li>executive director, member of the board or other person in the senior management of an international organisation.<\/li>\n<\/ol>\n\n\n\n<p>By close family member as mentioned under (ii) is meant: 1. parents, 2. spouse, 3. registered partner, 4. co-habitant, 5. child, 6. child&#8217;s spouse, registered partner or co-habitant.<\/p>\n\n\n\n<p>By person known to be a close associate as mentioned under (iii) is meant a natural person who is known to: 1. have joint beneficial ownership of a legal entity, association or foreign legal arrangement with a person as mentioned under (i); 2. have close business relations with a person as mentioned under (i); or, 3. have the sole beneficiary ownership of a legal entity, association or foreign legal arrangement which has been set up for the de facto benefit of a person as mentioned under (i).<\/p>\n\n\n\n<div class=\"wp-block-group alignfull has-gold-background-color has-background has-global-padding is-layout-constrained wp-block-group-is-layout-constrained\">\n<hr class=\"wp-block-separator alignwide has-alpha-channel-opacity\" \/>\n\n\n\n<h2 class=\"wp-block-heading alignwide has-small-font-size\" id=\"h-please-reach-out-to-us-if-you-have-any-questions\">Please reach out to us if you have any questions<\/h2>\n\n\n<div class=\"t2-featured-content-layout alignwide alignwide wp-block-t2-featured-content-layout\" role=\"list\">\n<div class=\"t2-featured-single-post t2-featured-content is-post-type-employee role_tax-business-support wp-block-t2-featured-single-post t2-featured-content-layout-col-3\" role=\"listitem\"><a class=\"t2-post-link wp-block-t2-post-link\" href=\"https:\/\/wiersholm.no\/en\/people\/ashv\/\">\n<figure class=\"t2-post-featured-image has-image-ratio-4-3 wp-block-t2-post-featured-image\"><img decoding=\"async\" src=\"https:\/\/personapi.wiersholm.no\/ProfilbilderCV\/ashv_cv.jpg\" alt=\"\" \/><\/figure>\n\n<div class=\"wp-block-group t2-post-inner-content is-layout-flow wp-block-group-is-layout-flow\">\n\t<h3 class=\"t2-post-title wp-block-t2-post-title\"> \u00c5ste Victoria Hvistendahl<\/h3>\n\t<p class=\"has-x-small-font-size\">Head of Corporate Compliance<\/p>\n<\/div>\n\n<\/a>\n<\/div>\n<\/div><\/div>\n","protected":false},"excerpt":{"rendered":"<p>On this website, we clarify some key words and expressions in connection with anti-money laundering checks and required knowledge about our clients. Beneficial owners Beneficial owners are natural persons who ultimately owns or controls a customer or on whose behalf a transaction is being conducted. A natural person shall in all cases be considered a [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"parent":0,"menu_order":0,"comment_status":"closed","ping_status":"closed","template":"","meta":{"editor_notices":[],"footnotes":""},"class_list":["post-22359","page","type-page","status-publish","hentry"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v26.8 (Yoast SEO v26.8) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Anti-money laundering \u2013 words and expressions - Law firm Wiersholm<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/wiersholm.no\/en\/amlkyc-english\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Anti-money laundering \u2013 words and expressions\" \/>\n<meta property=\"og:description\" content=\"On this website, we clarify some key words and expressions in connection with anti-money laundering checks and required knowledge about our clients. 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Beneficial owners Beneficial owners are natural persons who ultimately owns or controls a customer or on whose behalf a transaction is being conducted. A natural person shall in all cases be considered a [&hellip;]","og_url":"https:\/\/wiersholm.no\/en\/amlkyc-english\/","og_site_name":"Law firm Wiersholm","article_modified_time":"2025-03-04T08:59:50+00:00","twitter_card":"summary_large_image","twitter_misc":{"Est. reading time":"4 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"WebPage","@id":"https:\/\/wiersholm.no\/en\/amlkyc-english\/","url":"https:\/\/wiersholm.no\/en\/amlkyc-english\/","name":"Anti-money laundering \u2013 words and expressions - Law firm Wiersholm","isPartOf":{"@id":"https:\/\/wiersholm.no\/en\/#website"},"datePublished":"2025-01-27T11:12:39+00:00","dateModified":"2025-03-04T08:59:50+00:00","breadcrumb":{"@id":"https:\/\/wiersholm.no\/en\/amlkyc-english\/#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/wiersholm.no\/en\/amlkyc-english\/"]}]},{"@type":"BreadcrumbList","@id":"https:\/\/wiersholm.no\/en\/amlkyc-english\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/wiersholm.no\/en\/"},{"@type":"ListItem","position":2,"name":"Anti-money laundering \u2013 words and expressions"}]},{"@type":"WebSite","@id":"https:\/\/wiersholm.no\/en\/#website","url":"https:\/\/wiersholm.no\/en\/","name":"Law firm Wiersholm","description":"","potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/wiersholm.no\/en\/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"en-US"}]}},"_links":{"self":[{"href":"https:\/\/wiersholm.no\/en\/wp-json\/wp\/v2\/pages\/22359","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/wiersholm.no\/en\/wp-json\/wp\/v2\/pages"}],"about":[{"href":"https:\/\/wiersholm.no\/en\/wp-json\/wp\/v2\/types\/page"}],"author":[{"embeddable":true,"href":"https:\/\/wiersholm.no\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/wiersholm.no\/en\/wp-json\/wp\/v2\/comments?post=22359"}],"version-history":[{"count":4,"href":"https:\/\/wiersholm.no\/en\/wp-json\/wp\/v2\/pages\/22359\/revisions"}],"predecessor-version":[{"id":22755,"href":"https:\/\/wiersholm.no\/en\/wp-json\/wp\/v2\/pages\/22359\/revisions\/22755"}],"wp:attachment":[{"href":"https:\/\/wiersholm.no\/en\/wp-json\/wp\/v2\/media?parent=22359"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}