What does the bank describe as a controlling person?

A Controlling Person is typically an individual who exercises authority over an entity, with the degree of control determined by the entity's legal framework.

• In the case of a company, Controlling Persons encompass any natural person who, either directly or indirectly, possesses more than 25 percent of the entity's shares or voting rights as a beneficial owner. In the absence of such an individual, it refers to any natural person(s) who otherwise assert control over the entity's management, such as the senior managing official of the company.
• In the context of a trust, the term Controlling Persons refers to the settlor(s), trustee(s), protector(s) (if applicable), beneficiary(ies) or categories of beneficiaries, and any other natural person(s) who exert ultimate effective control over the trust.
• For a partnership, a Controlling Person is an individual who exercises control through direct or indirect ownership of the partnership's capital or profits, voting rights within the partnership, or by any other means of managing the partnership.

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