This section defines the term "beneficial owner" concerning legal entities or arrangements, stipulating various categories that identify beneficial owners based on their engagement with the property of the entity. An individual is considered a beneficial owner if they either directly benefit from the entity, belong to a class that benefits, or maintain control over the entity's property.

Furthermore, it clarifies that an individual linked to a corporate body that holds control or benefits from the arrangement is also deemed a beneficial owner. This framework enhances transparency in ownership and control, ensuring compliance with regulatory standards.