KYC verification can also entail verification of the ownership and control structure of your company.
Ownership and Control Chart
The ownership and control chart is a visual diagram of the ownership and control structure of the entity or entities involved in your company and states the Ultimate Beneficial Owners (UBOs).
The ownership and control chart must include the following:
- The full ownership and control structure of all entities and UBOs under review, including all intermediate companies.
- Official legal entity name, legal form, and registered country for every entity on the chart.
- Ownership and control relation between the entities, including ownership percentages.
- Indication of how the criteria for identifying UBOs are fulfilled, for example, an individual owning 25% of the total shares.
- A signature confirming the organizational chart's content, the name and job title of the signing person, and the date when the signature was given (not older than 6 months).
- If the person signing the organizational chart is one of the following, you don't need to send additional documents:
- An internal person who is a qualified professional such as a lawyer, accountant or auditor, and whose qualification can be checked through the official website of the professional body. The professional body must be either in the registered country of your company or in the same country as another entity in the ownership and control chart.
- An external person or a professional body, certified by a consultancy firm, notary, lawyer, auditor, or other comparable official legal service provider from the registered country of the legal entity or entities under review.
Criteria for Identifying UBOs
Required number of individuals
UBOs through ownership
Individuals who directly or indirectly own 25% or more of the total shares, voting rights, or other equity in the organization.
Between zero and four. Adyen requires information about all individuals that fit the criteria.
If no one owns 25% or more of the organization, then information must be provided about UBOs through control.
UBOs through control
Any individuals who exercise ultimate effective control in making decisions for the whole organization. If such an individual cannot be identified, then members of senior management must be identified as UBOs through control.
At least one. Required if no one fits the criteria of UBO through ownership, or if the organization is operating in the United States.
Officers or representatives who legally represent the organization towards Adyen and are authorized to enter a binding agreement with Adyen on behalf of their organization.
At least one.
Only applicable if the legal entity of the organization is located in Australia, Canada, Hong Kong, New Zealand, or Singapore. A natural person responsible, individually or collectively as part of a board, for the overall governance and strategic direction of an organization.
Every director of the company.
External Official Documents
If the internal person signing the ownership and control chart is not a qualified professional, you must send official documents that support the submitted ownership and control information.
Some examples of official documents are a business registry extract, shareholder register, and articles of incorporation including shareholders.
The official document must do the following:
- State the information about the UBOs behind the legal entity under review, including all intermediate entities involved in the ownership structure.
- Not be older than 6 months.
- Be external. If you have an external document that is older than 6 months, you can submit it if an internal person who is a qualified professional (as described above) has signed it within the last 6 months.