Any natural person who ultimately owns or controls the client and/or the natural person on whose behalf a transaction or activity is being conducted and includes at least:
1. in the case of corporate entities:
(i) the natural person who ultimately owns or controls a corporate entity through direct or indirect ownership of a sufficient percentage of the shares or voting rights or ownership interest in that corporate entity, including through bearer shareholdings, or through control via other means, other than a company listed on a regulated market that is subject to disclosure requirements consistent with European Union Law or subject to equivalent international standards which ensure adequate transparency of ownership information.
(a) an indication of direct shareholding shall be a shareholding of 25% plus one share or an ownership interest of more than 25% in the client held by a natural person and
(b) an indication of indirect ownership shall be a shareholding of 25% plus one share or an ownership interest of more than 25% in the client held by a corporate entity, which is under the control of a natural person, or by multiple corporate entities, which are under the control of the same natural person or persons.
Provided further that the control by other means can be verified, inter alia, based on the criteria provided for in s.142(1)(b) and s.148 of the Cyprus Companies Law, Cap.113.
(ii) the natural person who holds the position of senior managing official if, after having exhausted all possible means and provided there are no grounds for suspicion, no person under sub paragraph (i) of the present paragraph is identified, or if there is any doubt that the person identified is the beneficial owner: Provided that the obliged entity shall keep record of the actions taken in order to identify the beneficial ownership under sub paragraphs (i) and (ii);
2. in the case of trusts:
(i) the settlor;
(ii) the trustee or commissioner;
(iii) the protector, if any;
(iv) the beneficiary, or where the individual benefiting from the legal arrangement or legal entity have yet to be determined, the class of persons in whose main interest the legal arrangement or entity is set up or operates;
(v) any other natural person exercising ultimate control over the trust by means of direct or indirect ownership or by other means; and
3. in the case of legal entities, such as foundations, and legal arrangements similar to trusts, the natural person holding equivalent or similar positions to the person referred to in paragraph (b);