Onboarding glossary

Company representative

The individual (or individuals) authorized to complete the Seller Onboarding process on behalf of the company.

AML representative

An AML Representative is an individual authorized to represent the company, and we are required to verify their information.

For listed entities, government bodies, and financial institutions, we aren't required to obtain full ownership information. Instead, we ensure compliance with Anti-Money Laundering (AML) and Counter-Terrorist Financing regulations by collecting and verifying details of the AML Representative.

Why do we require a letter of authority from an AML representative?

We require this information to verify that the individual completing the onboarding form has the authority to do so on behalf of the company.

DAC7 and Seller type

The EU’s Directive (EU) 2021/514, known as DAC7, was created to enhance tax transparency within the digital economy across the EU. It requires digital platform operators to collect specific information from reportable sellers using their platforms.

Learn more about DAC7

Seller type

Seller Types refer to the type of account you create with ATLAS:

• Individual - A private person

• Company - A business with commercial registration, typically with a VAT number, company registration certificate or commercial registration

• Company Lite - Listed entities or regulated organizations, such as government bodies and financial institutions

Ultimate Beneficial Ownership (UBO)

Under EU law, we’re required to identify all ultimate beneficial owners (UBOs) of our corporate customers to promote transparency and prevent financial crime.

A UBO is an individual who directly or indirectly holds a minimum of 25% of capital, or voting rights, or holds significant management responsibility and has the power to make key decisions for an organization. 

Ownership can be either direct or indirect. Direct refers to individuals holding direct shares/units/percentage for an entity, while indirect ownership is when shares/units/percentage is held through another entity. This is also known as layers of ownership.

A UBO is considered a natural person who meets one or more of the following criteria:

• 25% or more of ownership interest (such as a shareholder or economic interest)
• Controlling interest of 25% or more (such as voting rights)
• Someone who exercises strategic control on a daily basis, with the ability to change the direction of the company. For example, an individual with the power to appoint or dismiss the majority of the board members, who exercises key decision-making power within the organization. 
  

If no UBO can be identified through the criteria above, please refer to senior management as it appears on the Business Register (including statutory directors).

TIN (tax identification number)

A TIN number (Tax Identification Number) is a unique number used to identify a company for tax registration purposes. The format of the TIN number can vary from country to country.

You can contact your accountant or tax advisor to find out your TIN.

Identification number

A unique ID number for legal entities and partnerships (for example, in the Netherlands this is the Chamber of Commerce (KVK)).

Legal Entity Identifier (LEI)

An Legal Entity Identifier is a unique code used to identify legal entities involved in financial transactions.

Legal form

This refers to the different types of legal entities in Europe, including private and public limited companies, limited partnerships, sole proprietorships, and associations.

Permanent establishment

A permanent location for business activities, from which the business is entirely or partly run.