# FATF R.24 — Transparency and beneficial ownership of legal persons - **Part of:** [[FATF Recommendations]] Countries must assess the risks of misuse of legal persons and take measures to prevent it, using a multi-pronged combination of mechanisms. They must ensure adequate, accurate and up-to-date information on beneficial ownership and control of legal persons can be obtained or accessed rapidly and efficiently by competent authorities, through either a beneficial ownership register or an alternative mechanism. New bearer shares and bearer share warrants must be prohibited, with measures applied to existing ones such as conversion to registered form or immobilisation. Countries must also take effective measures so nominee shareholders and directors are not misused, including disclosure of nominee status and nominator identity. Countries should consider facilitating access for financial institutions and DNFBPs under Recommendations 10 and 22. ## Keyed AMLR articles - [[AMLR Art. 22 - ID - verify customer + BO|AMLR Art. 22]] — ID / verify customer + BO - [[AMLR Art. 24 - Discrepancy reporting to BO register|AMLR Art. 24]] — Discrepancy reporting to BO register - [[AMLR Art. 51 - Identify BO of legal entities|AMLR Art. 51]] — Identify BO of legal entities - [[AMLR Art. 52 - BO through ownership interest|AMLR Art. 52]] — BO through ownership interest - [[AMLR Art. 53 - BO through control|AMLR Art. 53]] — BO through control - [[AMLR Art. 54 - Coexistence of ownership and control|AMLR Art. 54]] — Coexistence of ownership and control - [[AMLR Art. 55 - Structures involving legal arrangements|AMLR Art. 55]] — Structures involving legal arrangements - [[AMLR Art. 56 - Notifications|AMLR Art. 56]] — Notifications - [[AMLR Art. 57 - BO for entities similar to express trust|AMLR Art. 57]] — BO for entities similar to express trust - [[AMLR Art. 61 - BO of collective investment undertakings|AMLR Art. 61]] — BO of collective investment undertakings - [[AMLR Art. 62 - Beneficial ownership information|AMLR Art. 62]] — Beneficial ownership information - [[AMLR Art. 63 - Obligations of legal entities|AMLR Art. 63]] — Obligations of legal entities - [[AMLR Art. 65 - Exceptions to obligations|AMLR Art. 65]] — Exceptions to obligations - [[AMLR Art. 66 - Nominee obligations|AMLR Art. 66]] — Nominee obligations - [[AMLR Art. 67 - Foreign legal entities and arrangements|AMLR Art. 67]] — Foreign legal entities and arrangements - [[AMLR Art. 68 - Penalties (BO)|AMLR Art. 68]] — Penalties (BO) - [[AMLR Art. 79 - Anonymous accounts - bearer shares|AMLR Art. 79]] — Anonymous accounts / bearer shares ## Swiss counterparts - [[TJPG Art. 4 - BO definition- 25% of capital|TJPG Art. 4]] — TJPG Art. 4 defines the beneficial owner of a company: the natural person with ultimate control through at least 25% of capital or votes or by other means. *(direct)* - [[TJPG Art. 7 - Duty to identify and verify|TJPG Art. 7]] — TJPG Art. 7 requires the company itself to identify its beneficial owners and verify their identity and status. *(direct)* - [[TJPG Art. 9 - Report to the transparency register|TJPG Art. 9]] — TJPG Art. 9 requires the company to report its beneficial owners to the federal transparency register. *(direct)* - [[TJPG Art. 13 - Shareholder duty to notify where|TJPG Art. 13]] — TJPG Art. 13 requires a controlling shareholder or member to notify the company of the beneficial owner. *(direct)* - [[TJPG Art. 30 - FI discrepancy report, 30 days|TJPG Art. 30]] — TJPG Art. 30 requires financial intermediaries to report discrepancies with the register. *(related)* - [[TJPG Art. 43 - Fine up to CHF 500,000|TJPG Art. 43]] — TJPG Art. 43 fines intentional breach of the notification and reporting duties. *(related)* - [[CO Art. 622|CO Art. 622]] — CO Art. 622 Abs. 1bis allows bearer shares only for companies with listed equity securities or where the bearer shares are intermediated securities. *(direct)* - [[StGB Art. 327a|StGB Art. 327a]] — StGB Art. 327a fines intentional failure to keep the share register, the register of members or holders, or the TJPG Art. 18 register. *(related)* ## Authoritative text > [!quote]- FATF Recommendation 24 — text of the Recommendation (FATF Recommendations, updated June 2026); interpretive note not reproduced > **24. Transparency and beneficial ownership of legal persons** > Countries should assess the risks of misuse of legal persons for money laundering or terrorist financing, and take measures to prevent their misuse. Countries should ensure that there is adequate, accurate and up-to-date information on the beneficial ownership and control of legal persons that can be obtained or accessed rapidly and efficiently by competent authorities, through either a register of beneficial ownership or an alternative mechanism. Countries should not permit legal persons to issue new bearer shares or bearer share warrants, and take measures to prevent the misuse of existing bearer shares and bearer share warrants. Countries should take effective measures to ensure that nominee shareholders and directors are not misused for money laundering or terrorist financing. Countries should consider facilitating access to beneficial ownership and control information by financial institutions and DNFBPs undertaking the requirements set out in Recommendations 10 and 22.