Art. 57 Identification of beneficial owners for legal entities similar to express trust | Anti-money laundering regulation (AMLR) | AML

This article extends the beneficial ownership framework established in Article 51 (which covers standard corporate entities) to a different category: legal entities that are structurally similar to express trusts, such as foundations.

Because these entities do not have traditional shareholders, the article defines beneficial ownership through roles rather than ownership stakes.

It casts a wide net, capturing founders, management and supervisory body members, beneficiaries, and any other person exercising indirect control.

The article also addresses how to handle complex, multi-layered structures where one of those positions is itself occupied by a legal entity, requiring a look-through to the ultimate natural persons behind it.

Important points:

Legal entities similar to express trusts, such as foundations, must identify as beneficial owners all founders, management and supervisory body members, beneficiaries (unless Article 59 applies), and any other person who directly or indirectly controls the entity.
In multi-layered structures, look through any legal entity occupying a listed position and identify the natural persons who are its beneficial owners.
Member States are required to notify the Commission by 10 October 2027 of the types of legal entities in their jurisdiction that fall under this article, accompanied by detailed descriptions of their features, setup process, and register access details.

1. In the case of legal entities other than those referred to in Article 51, similar to express trust, such as foundations, the beneficial owners shall be all the following natural persons:
  1. the founders;
  2. the members of the management body in its management function;
  3. the members of the management body in its supervisory function;
  4. the beneficiaries, unless Article 59 applies;
  5. any other natural person, who controls directly or indirectly the legal entity.
1. In cases where legal entities referred to in paragraph 1 belong to multi-layered control structures, where any of the positions listed in paragraph 1 is held by a legal entity, beneficial owners of the legal entity referred to in paragraph 1 shall be:
  1. the natural persons listed in paragraph 1; and
  2. the beneficial owners of the legal entities that occupy any of the positions listed in paragraph 1.
1. Member States shall notify to the Commission by 10 October 2027 a list of types of legal entities, of which the beneficial owners are identified in accordance with paragraph 1.
2. The notification referred to in the first subparagraph shall be accompanied by a description of:
  1. the form and basic features of those legal entities;
  2. the process through which they can be set up;
  3. the process for accessing basic information and beneficial ownership information on those legal entities;
  4. the websites at which the central registers containing information on beneficial owners of those legal entities can be consulted and contact details of the entities in charge of those registers.
1. The Commission may adopt, by means of an implementing act, a list of types of legal entities governed by the law of Member States which should be subject to the requirements of this Article. That implementing act shall be adopted in accordance with the examination procedure referred to in Article 86(2).