Therefore screening the names of the Ultimate Beneficial Owners is a must, prior to opening an account. If the company is owned or controlled by a sanctioned person, the account can clearly not be opened.
Which companies are considered owned or controlled by a “Sanctions Target”?
As per the EU laws, if a sanctioned person possess more than 50% of a company, the latter is considered owned by a “Sanctions Target”.
As per the US laws, if a sanctioned person possess 50% or more of a company, the latter is considered owned by a “Sanctions Target”.
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