Can there be more than one beneficial owner?
Yes. There can be more than one beneficial owner. Ownership and control are separate ways onto the list.
Quick answer
There can be more than one beneficial owner. Two people at 30% each are both on the ownership limb. A person under 25% can still be added on control. The company in the middle is not one of them. Each individual the program requires is a separate client-pays check.
People search “can there be more than one beneficial owner” when a company has three shareholders and the firm wants permission to stop at the largest name. Checked against AUSTRAC’s page on ownership and control on 4 October 2026. This is general information, not legal advice. This page does not reproduce that guidance. The definition of the test is what is a beneficial owner?. Direct and indirect holdings are beneficial owner of shares. The sector map is /tranche-2.
Why the list is often plural
The question “can there be more than one beneficial owner” usually comes from a form with a single name field. The test is not a single-name test. Anyone who ultimately owns 25% or more is in on the ownership limb, and more than one person can clear that figure. Anyone who controls the customer can be in as well, including someone the percentage misses. You list the individuals. You do not pick the most convenient one.
- Two holdings can both clear 25%. A 40% holder and a 35% holder are both beneficial owners on the ownership limb. The 25% holder is too, if there is a third.
- Control adds a name. A person with 10% who can appoint the board is not excluded by the percentage. The control test is on the definition page. This page does not restate it.
- A small holder is not automatic. Four people at 10%, with no control story, are not four beneficial owners merely because they are on the register.
- Stop at individuals. A holding company is a step. It is not a beneficial owner you file in place of the people behind it.
A file with more than one name
How a plural answer looks on the customer file. This table does not reproduce AUSTRAC’s ownership guidance.
| Structure | Who goes on the list | The mistake |
|---|---|---|
| Two people, 50% each | Both, on ownership | The person who sent the email |
| 60% and 40% | Both, on ownership | Only the 60% holder, to save a check |
| 30%, 30%, and 40% through a holding company | The direct holders who clear 25%, and the individuals behind the holding company who clear it too | The holding company as a person |
| One 20% holder who controls the votes | That person on control, plus anyone else on ownership | Nobody, because nobody printed at 25% on the first page |
Where this page stops
This page answers the plural question. It does not trace a trust. Who you name when the customer is a trust is who is the beneficial owner of a trust. Collection steps are how to perform beneficial ownership checks.
What the client pays
On FreeAML the firm suite is A$0. The firm emails the client a link. Verification is client-pays. On the public list a personal KYC check is A$20 and a company or trust KYB check is A$40. Use KYB when the customer is a company or a trust. Each individual is a separate check. Two beneficial owners are not bundled into one KYC price, and they are not bundled into the company KYB. Confirm the live amounts on FreeAML pricing. FreeAML does not decide how many beneficial owners a customer has or apply the control test.
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Frequently Asked Questions
One company check. Then each person.
The firm suite is A$0. The client pays. KYB for the company or trust. KYC for each individual.
Start an AML checkQuestions: team@freeaml.com.au