Stakeholders

1. Ultimate Beneficial Owner（UBO）

According to Wwft in the Netherlands, YabandPay must establish and verify the identity of organization’s ultimate beneficiary Owner (UBO).

Who is UBO?

An Ultimate Beneficial Owner (UBO) is considered to be any natural person who (in)directly meet at least one of the following criteria:

• holds an interest exceeding 25% in the capital or share capital, or
• holds more than 25% of the voting rights, or
• can in fact exercise control in any other way, or
• is the beneficiary of over 25% of the organization’s assets, or
• has special control over 25% or more of the organization’s assets

Multi-tier organizational structure organization

If the organization consists of one or more holding organizations, UBOs are all individuals who have 25% or more control of the underlying business through different organizations. For example, company B owns 60% of the shares of company A, then the shareholders who own more than 42% of company B will indirectly own 25.2% of the shares of company A, and the shareholder is a UBO.

No ultimate beneficiary owner

Organization has no UBO. For example, if a organization has five owners who divide capital and control equally, none of them own 25% or more of the organization.

Authorized Signing Representative

In addition to the ultimate beneficiary owner, YabandPay will always identify and verify the organization’s authorized signatory representative information. An authorized signing representative is a natural person authorized to sign on behalf of the organization. The information of the authorized signatory representative is generally reflected in the organization registration document. If not, your organization needs to provide official proof of the legitimacy of its signature.

2. Politically Exposed Person

Due to risk appetite, YabandPay does not provide services to organization whose UBO contains PEP, their close associates or close family members.

Politically Exposed Person – a natural person who is or was, no more than one year ago, entrusted with prominent public functions in the Netherlands, the European Union, international or foreign state institutions as well as close family members or close associates of such person.

• Head of State, Prime Minister, ministers, vice ministers and deputy ministers; secretary of the State; chancellor of Parliament, Government or Ministry;
• Member of the Parliament;
• Member of the Supreme Courts, the Constitutional Court or any other judicial authority, against whose decisions there is no judicial remedy;
• Mayor of the municipality, municipality administration director;
• A member of the management body of the Supreme State Audit and Control Office or the Central Bank Chairman, Deputy Chairman and members of the Management Board;
• an Ambassador, a Charge d‘Affairs ad interim, special envoy or authorized minister or senior military officer;
• A member of the management or supervisory body of the company managed by the state or municipality;
• Director, deputy director or member of the management or supervisory body of the international intergovernmental organization;
• Head, deputy head or member of the management body of political party.

Close associate

• a private individual, who together with a politically exposed person, is a participant of the same legal entity or other organization, or keeps other business relations;

• a natural person who is the only owner of the legal entity set up or operating de facto with the aim of acquiring property or another personal benefit for the politically exposed person.

Close family members

• spouse, partner, parents, brothers, sisters, children and children’s spouses, children’s partners.

3. US person

Due to risk appetite, YabandPay does not provide services to organization whose UBO contains US person.

The term “United States person” means:

• A citizen or resident of the United States
• A domestic partnership
• A domestic corporation
• Any estate other than a foreign estate
• Any trust if A court within the United States is able to exercise primary supervision over the administration of the trust, and One or more United States persons have the authority to control all substantial decisions of the trust. Any other person that is not a foreign person.

4. Share structure chart

If your company has one or more holding companies, we require you to draw a shareholding structure diagram for clarity.

The shareholding structure chart needs to clearly show:

• Information on all direct or indirect holding companies: including company name, country of registration, shareholding ratio. If there are multiple holdings, all of them need to be listed.
• Information on all natural persons holding 25% or more of the shares: including name, nationality, country of residence, and shareholding ratio.

Below is a schematic diagram for reference.