Affidavit Of Beneficial Ownership Template for England and Wales

An Affidavit of Beneficial Ownership is a formal sworn statement that identifies the true owners and controllers of a company or legal entity. Under England and Wales law, this document plays a crucial role in corporate transparency and anti-money laundering compliance, providing legally binding evidence of who ultimately owns or controls your business.

When do you need this document?

You'll typically need this affidavit during corporate transactions such as mergers, acquisitions, or major investments where due diligence requires verification of beneficial ownership. Financial institutions routinely request this document when opening business accounts or providing lending facilities to comply with Know Your Customer (KYC) requirements. Regulatory investigations by Companies House, HMRC, or the Financial Conduct Authority may also trigger the need for this sworn declaration. Additionally, when registering with the Register of Overseas Entities under the Economic Crime Act 2022, overseas entities must provide detailed beneficial ownership information that may require sworn affidavit form.

Key legal considerations

The affidavit must accurately identify all individuals who meet the beneficial ownership threshold of 25% or more of shares or voting rights, or who otherwise exercise significant control over the entity. Under the Perjury Act 1911, providing false information in a sworn affidavit constitutes a serious criminal offence, making accuracy paramount. You must disclose the nature and extent of each beneficial owner's control, including direct and indirect ownership through trusts, nominee arrangements, or complex corporate structures. The document should specify the source of funds used to acquire ownership interests, particularly important for anti-money laundering compliance. Any changes in beneficial ownership after the affidavit's execution may require updated declarations to maintain compliance with ongoing regulatory obligations.

Legal requirements in England and Wales

The affidavit must comply with the Companies Act 2006, particularly Part 21A governing People with Significant Control registers, which defines the 25% ownership threshold and control criteria. Under the PSC Regulations 2016, companies must maintain accurate records of beneficial ownership and ensure this information is available to relevant authorities. The Money Laundering Regulations 2017 require enhanced due diligence measures, making sworn affidavits valuable evidence for compliance purposes. The document must be properly sworn before a Commissioner for Oaths, solicitor with commissioning powers, or notary public to have legal validity. Recent amendments under the Economic Crime Act 2022 have strengthened beneficial ownership disclosure requirements, particularly for overseas entities operating in the UK. The affidavit should reference specific regulatory frameworks and include declarations that the information provided complies with all applicable legal requirements under English and Welsh law.