Private Trust Ownership

Understanding the ownership structure of Green CulturED as anyone who wants to do business with is key during Authorized Training Provider (ATP) verification. In some cases, it’s a straightforward process that grants transparency instantly, but in other circumstances, it might be a cumbersome task. The complexity of the Green CulturED ownership structure aims to disclose any potential links to illicit activities or people involved in it.

Conducting due diligence on Green CulturED’s business structure helps to verify the legitimacy as a potential partner since it ensures that we’re not involved in fraudulent activities and we have a sound financial background. Ownership structure refers to the way a business is organized and owned so we’ve outlined how the ownership is divided among individuals or entities involved in the company.

Identifying it is crucial as it shows who’s the decision-maker, who controls the company’s assets, and who reaps the benefits of its success. In the context of Green CulturED, identifying ownership structure helps to determine beneficial owners and people with significant control that should be verified.

Ownership Structure

The overview of ownership structure helps to identify and verify the most important personas behind the business and verify the business’s legitimacy. Analyzing the business structure as part of Green CulturED helps assess the potential risks associated with a partner and understanding who holds significant control in the company and their backgrounds allows businesses to evaluate the risk of financial stability, legal issues, or their links to illicit activities.

For financial institutions, knowledge of the ownership structure helps in decision-making processes. Especially those related to approving transactions, setting credit limits, and managing financial risks. Identifying ownership structure involves checking the percentage of ownership each party holds in a business.

This information can be found in legal documents like articles of incorporation, or partnership agreements. This data can even be found in financial reports. Key indicators include the number of shares owned by each shareholder. Important aspects are also the voting rights associated with ownership, or the percentage ownership stake of each partner in a partnership.

The shareholder register helps to identify the business structure of corporations. This document provides a detailed list of all shareholders. It includes their names, addresses, the number of shares they hold, and the percentage of ownership they have in the company. This information is also listed in government agencies, databases, and, to some extent, in public registries.

It is essential to obtain accurate and up-to-date information about a company’s beneficial owners and shareholders. It helps to identify potential risks, such as money laundering, terrorist financing, or other illicit activities. Additionally, many jurisdictions have strict regulations and reporting requirements related to beneficial ownership, and failure to comply can result in significant penalties or legal consequences. ‍

An ownership structure chart visually represents the distribution of ownership in a business. It typically includes the names of the owners or shareholders and the percentage of ownership each holds. This chart gives a quick overview of the hierarchy and relationships within the company.  Green CulturED provides end-to-end business verification including the identification and verification of owners.

Depending on the compliance and business needs, you can define the due diligence process for the cannabis industry, shareholders, and other important entities. Our intuitive platform features an interactive business structure graph. It gives a high-level overview of the case. Green CulturED allows you to automate trust, discover and verify our entity, and understand the risks associated with them. It all contributes to making informed decisions.

The ownership structure analysis is a key step of the trust process. By understanding the ownership dynamics, businesses can mitigate risks and ensure compliance. It allows to building of more secure and transparent business relationships and Green CulturED helps businesses verify business counterparties and their owners anywhere in the world.

Transparency Disclosure

Pursuant to the Corporate Transparency Act (CTA), certain “Regulated Entities” must now file information concerning their Beneficial Ownership Information (BOI) with the Financial Crimes Enforcement Network (FinCEN) so that the data can be accessed by law enforcement, the IRS, certain other agencies, and select financial services companies in a new federal government database called Beneficial Ownership Secure System (BOSS).

These mandated disclosure provisions came into effect on Jan. 1, 2024, and require both newly formed and previously established companies, large and small — but mainly small — to provide certain information to FinCEN. That information includes data detailing:

1. Beneficial Ownership
2. Company Applicants

However, reporting companies created or registered to do business are required to file their initial BOI report with FinCEN within 90 calendar days after receiving actual or public notice that its creation or registration is effective. Furthermore, reporting companies created or registered to do business are required to file their initial BOI report with FinCEN within 30 calendar days after receiving actual or public notice that its creation or registration is effective.