Introduction

At Candex, we strive to make transacting as seamless and efficient as possible. However, as part of our legal obligations, we must ensure that your company is not owned—directly or indirectly—by individuals or entities subject to sanctions. This step is critical to maintaining compliance with applicable laws and regulations. 

What is a beneficial owner?

A beneficial owner is an individual who owns 25% or more of a company, either directly or indirectly. We’re required to collect this information to perform compliance scans and verify that all parties involved in a transaction meet regulatory standards.

How do I know if my company has beneficial owners?

If you’re unsure whether your company has any beneficial owners who meet the 25% ownership threshold, we recommend consulting your leadership team or finance department. They can confirm whether such owners exist and provide details about their ownership percentages.

If you know the names of your company’s owners but aren’t certain about the exact percentage of ownership each holds, don’t worry. You can share all the owner names with us, and we’ll follow up if we need additional clarification or details.

Why does Candex need this information?

We ask for beneficial owner information before you submit invoices on an order because we cannot bill your Buyer until our compliance scans are complete. This ensures that everything is in order and helps prevent delays in completing the transaction.

By gathering this information prior to invoicing, we can keep your transactions on track and ensure a smooth experience with Candex. If you have any questions or need assistance, feel free to reach out to support@candex.com.