Where client or prospective client is not an individual, the due diligence measures require the identification of the beneficial owner of that client (see ¶60-883).

The beneficial owner is:

(1)in the case of an unquoted company or limited liability partnership, any individual who controls, directly or indirectly, more than 25 per cent of the shares or voting power or who exercises control over the management of that body (Money Laundering Regulations 2007 (SI 2007/2157), reg. 6(1)(a));

(2)in the case of a company whose shares are listed on a regulated market, any individual who exercises control over the management of that company (Money Laundering Regulations 2007, reg. 6(1)(b));

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