Recommendation 24 addresses transparency of legal persons and the availability of adequate, accurate and up-to-date beneficial-ownership information. The purpose is to prevent companies and similar structures from concealing the people who ultimately own or control them. Competent authorities need timely access to that information through the mechanisms established by each country.

The standard uses a risk-based approach and expects countries to understand the risks associated with legal persons. It addresses information held by companies and by public authorities or other mechanisms, with verification and enforcement supporting reliability. Formal incorporation details alone are insufficient if they identify only a nominee or another corporate layer.

For payment providers, the practical connection is corporate customer due diligence. Registry information can be an important input, but the provider still needs to understand the ownership and control chain under its applicable obligations. A registry entry and a verified account of the natural persons behind a business are related but distinct pieces of evidence.