CFATF revises beneficial ownership framework for legal arrangements

🎯The complex nature and different types of legal arrangements that can be created required a more robust beneficial ownership (BO) framework to ensure greater transparency. 🎯One of the main revisions to Recommendation 25 was the identification and verification of BO information. 🎯The definition of beneficial ownership was revised in the context of legal arrangements. 🎯Trustees of express trusts and persons who have an equivalent position in a similar legal arrangement are now required to hold adequate, accurate and up-to-date BO information regarding these arrangements. Read more about these changes in CFATF's article on "Revision to Recommendation 25, Part 2: Identification and Verification of Basic and Beneficial Ownership (BO) Information."