Beneficial ownership docs are not "lawyer will handle it"

Answers are general operational information only — not legal, tax, regulatory, clinical, privacy, immigration, or professional advice. Requirements vary by matter, client, and regulator.

Frequently asked questions

Is this legal advice?

No. FINTRAC guidance and your brokerage AML program define exact triggers, forms, and retention. Confirm with compliance and counsel.

Who counts as a beneficial owner?

In FINTRAC framing, beneficial owners are individuals — not another corporation — who own or control the entity, commonly including those who directly or indirectly own or control 25% or more of shares (or equivalent for other entities), plus certain trust roles. Verify current FINTRAC definitions for your case.

What supporting documents do teams usually collect?

Often articles or formation records, ownership registers or charts, authorized-signatory ID, and ID for identified beneficial owners — plus whatever your brokerage checklist requires. Exact packs vary by entity type.

When should collection start?

When you know the buyer or seller is an entity — typically at or soon after offer — not the week before closing.

Does Hivi-X determine beneficial owners?

No. Staff collect and QC documents; ownership determination and FINTRAC reporting remain brokerage compliance processes.

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