"beneficial owner"
| (a) | means a natural person who directly or indirectly— |
| (i) | ultimately owns or exercises effective control of— |
| (aa) | a client of an accountable institution; or |
| (bb) | a legal person, partnership or trust that owns or exercises effective control of, as the case may be, a client of an accountable institution; or |
| (ii) | exercises control of a client of an accountable institution on whose behalf a transaction is being conducted; and |
| (i) | in respect of legal persons, each natural person contemplated in section 21B(2)(a); |
| (ii) | in respect of a partnership, each natural person contemplated in section 21B(3)(b); and |
| (iii) | in respect of a trust, each natural person contemplated in section 21B(4)(c), (d) and (e); |
[Definition substituted by section 18(d) of the General Laws (Anti-Money Laundering & Combating Terrorism Financing) Amendment Act, 2022 (Act No. 22 of 2022) Notice No. 1532, GG47802, dated 29 December 2022 - effective 31 December 2022 per Proclamation Notice 109 (a), GG47805, dated 31 December 2022]