Public Policies

CONFIRMING KEY PERSONS

CONFIRMING KEY PERSONS Policy


Article By MeChat Universe

October 5, 2021, 2:00 am

CONFIRMING KEY PERSONS

During the application process, the RE provides information about their Key Person(s). A Key Person is any physical person who has ownership or significant control over an organization. When collecting the details for an organization’s Key Person(s) there are a few different types of individuals that qualify, such as:

  • Beneficial Owners;
  • Directors; and
  • Authorized Representatives.

MeChat does not need to identify all Key Persons, but is required to identify the person submitting the application on behalf of the RE. MeChat will request an identification document and a proof of address document for the identified Key Person(s) of the organization.

Documentation that is considered acceptable for confirming Key Person(s) are:

  • A copy of government issued photo identification
  • Proof of address document

 

Beneficial Owners

In addition, MeChat must confirm the beneficial owners of the organization. Beneficial owners are any individual(s) that own or control 10% or more of the organization, either directly or indirectly. Who is a beneficial owner will vary, depending on the type of organization.

 

Organization (RE) TypeBeneficial Owner

Incorporated CompanyEach individual with 10% or more of the total vote or value of the organization.PartnershipEach individual with 10% or more of the total vote or value of the organization.Limited Liability Company (LLC)Each individual with 10% or more of the total vote or value of the organization.CooperativeEach individual with 10% or more of the total vote or value of the organization.Not-For-Profit/CharityBoard of Directors.TrustTrustee and all trust beneficiaries.Informal OrganizationEach individual with 10% or more of the total vote or value of the organization.

Currently, beneficial owners are confirmed via the information contained in the application, which is signed by the user. As with other information about organizations, MeChat will first attempt to confirm the organization’s beneficial ownership electronically. Where additional documentation is required, MeChat anticipates that the following documents will be suitable for this purpose.

 

 


 

 


 

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