When onboarding your business with OFX, you’ll be asked to provide details about your company’s controllers and shareholders. This information is required to meet regulatory obligations and helps OFX verify your business structure and key individuals.

This requirement is prompted during the registration/onboarding process if your company’s business entity is Private Company/Corporation.

Pre-requisites:

Before you begin, make sure you have the following information ready:

• Full legal names of all controllers and shareholders

• Date of birth and residential address for each person

• Percentage of ownership for each shareholder

• Supporting identification documents (such as a passport or driver’s licence) for each individual

Next Steps:

With reference to How do I register a new company in OFX after signing up? and to update the Controller and Shareholder page, follow these steps:

1. Navigate to the Controller and Shareholder page:

   • After entering your KYB details and as you progress through the onboarding flow, you will be prompted to enter the Controller and Shareholders details.

2. Enter the required details for each controller and shareholder:

   

   • Full legal name

   • Date of birth

   • Residential address

   • Percentage of ownership (for shareholders) - ensure the individuals entered have 25% or more, directly or indirectly shares or voting rights in the business

   • Significant controllers (e.g. Directors) - should have decision making authority in the business

3. Review all information for accuracy:

   • Optional fields can be skipped if you don’t have the information on-hand. OFX will contact you for further details needed.

4. Submit the page by clicking Confirm:

   • When the form detects fields un-filled, a prompt will be presented and you have the options to provide them by editing the individual. Else, you can proceed.

     

Why is this important:

Providing accurate controller and shareholder information is a regulatory requirement. It helps OFX comply with anti-money laundering (AML) and know your customer (KYC) obligations, ensuring your business can use OFX services securely and without delay.

Related FAQ Articles:

• Why do I need to enter controller and shareholders when onboarding?

• How do I update the know your business (KYB) page when onboarding?

• How do I register a new company in OFX after signing up?

• How do I create a new company account in NCP?