Recital 117

(117) In relation to some types of legal entities, such as foundations, express trusts and similar legal arrangements, it is not possible to identify individual beneficiaries because they have yet to be determined. In such cases, beneficial ownership information should include instead a description of the class of beneficiaries and its characteristics. As soon as beneficiaries within the class are designated, they will be beneficial owners. Furthermore, there are specific types of legal persons and legal arrangements where beneficiaries exist, but where their identification is not proportionate in respect of the money laundering and terrorist financing risks associated with those legal persons or legal arrangements. That is the case in relation to regulated products such as pension schemes within the scope of Directive (EU) 2016/2341 of the European Parliament and of the Council (26), and it could be the case, for example, in relation to employee financial ownership or participation schemes, or legal entities or legal arrangements with a non-profit or charitable purpose, provided the risks associated with such legal persons and legal arrangements are low. In those cases, an identification of the class of beneficiaries should be sufficient.

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Source: EUR-Lex CELLAR · retrieved 2026-09-04 · Text as adopted (Official Journal); later amendments are not incorporated in this text.