When a user creates an account with Jasper, for anti-money laundering purposes we are required to verify the identity all the "Beneficial Owners" of the users chosen investing entity.
A Beneficial Owner means an individual who:
has effective control of an entity or person on whose behalf a transaction is conducted; or
owns a prescribed threshold of the customer or person on whose behalf a transaction is conducted.
So if someone is investing under their own name (as an individual) this process is typically straight forward, they are the only Beneficial Owner.
However, for users investing using a company, trust or partnership vehicle, establishing the Beneficial Owners can be more complex. Let's look at an example.
Example A.
This is a complex company structure where the company has two Shareholders who own more than 25% of the available shares. One of the Shareholders is a trust, with a corporate trustee. The other Shareholder is an individual, who is also a Director. The company has an additional independent Director.
In this scenario, all individuals highlighted in green are considered "Beneficial Owners" of Company A (the investing entity) and therefore are required to verify their identity before Company A can invest on the Jasper platform.
If you have been identified as a Beneficial Owner for an entity wishing to invest with Jasper, don't worry, we have built technology to make verifying your identity fast and simple. It typically takes less than 2 minutes to complete and is all online. You will receive an email with a link to verify your identity, simply follow the onscreen instructions.
To understand what forms of ID are supported when verifying your identity click here