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In general, a beneficiary is an individual who receives a profit or other benefit from something. In the financial world, a beneficiary refers to someone who is entitled to receive payments from a will, life insurance, or trust. In the business world, it refers to the beneficial owner who ultimately owns and controls the business and/or other individual on whose behalf a particular transaction is being conducted. The ultimate beneficiary is the person who exercises ultimate effective control over the entity or arrangement. The terms “ultimate ownership or control” and “ultimate effective control” are useful in situations where ownership of a company is through a chain of ownership and does not clearly indicate the direct and beneficial owner of the business. https://www.confiduss.com/en/info/blog/article/bank-account-beneficiary/