Related Party and Intermediary
To meet regulatory requirements, we are required to identify the individuals and entities that own, control, or are authorized to act on behalf of your business. This includes related parties and, where applicable, intermediary entities within the ownership structure.
Related Party
A related party is any individual who has ownership, control, or authority over the business. This includes:
- Ultimate Beneficial Owners (UBOs) - A UBO is any natural person who ultimately owns or controls the company, directly or indirectly, specifically those individuals with 25% or more ownership.
- Authorized Persons - An Authorized Person is an individual designated to act on behalf of the company when using 1Money’s services. This includes managing the company’s account, approving transactions, providing documentation, and communicating with 1Money on financial or operational matters.You must designate at least one individual to fulfill this role. Note: this can be the same person as your Ultimate Beneficial Owner or Person with Significant Management Control.
- Persons with Significant Management Control- A Person with Significant Management Control is an individual who influences the company’s operations, financial strategies, or key business decisions, even if they do not have direct ownership. Note: typically, this is a senior executive such as the CEO, CFO, COO, or other executive with the authority to shape company policies and operations.
- Directors (for non US companies)
Ownership & Control Thresholds
For companies, we are required to identify individuals who own or control 25% or more of the business, as well as any individuals who exercise significant control over the entity (such as senior executives or directors), even if their ownership interest is below this threshold.
Required Information for Related Party
We collect the following information for each related party to verify identity and authority:
Personal Details
- First, middle, and last name
- Email address
- Date of birth
- Nationality (and dual nationality, if applicable)
- Country of residence
- Residential address
Role(s) Within the Business
You must select at least one applicable role for each individual. More than one role may apply to the same person.
Available roles include:
- Director (required for non-U.S. companies, where applicable)
- Authorized Person
- Person with Management Control
- Beneficial Owner (required if the individual owns or controls 25% or more of the entity)
Each individual associated with the business must have their role(s) accurately identified to complete onboarding.
Identification Documents
One valid government-issued identification document is required:
- Passport
- National identity card
- Residential Card
- Driver’s license (For US persons)
- U.S. State identification card
Both front and back images of the identification document must be provided where applicable.
Intermediary
An intermediary beneficial owner is a middle-layer entity, such as a holding company or trust, that links the business being reviewed to the individual or entity that ultimately owns or controls it.. Examples include holding companies, trusts, or investment vehicles. This information is only required if your ownership structure includes intermediary entities that hold 25% or more.
Required Information for Each Intermediary
- Legal entity name
- Country of incorporation or registration
- Percentage of ownership held
Providing accurate related party and intermediary information helps ensure your onboarding is completed efficiently and avoids unnecessary follow-up requests. Please ensure that the required supporting documentation is provided. If you are unsure whether a person or entity should be included, our team can guide you through the process.
Updated 19 days ago