Beneficial owner identification under PMLA requires verifying natural persons controlling clients, including trusts, with listed company exceptions. Identification of the beneficial owner under PMLA Rules requires banks and financial institutions to determine and verify the natural person who ultimately owns or controls a client. For non-individual clients, institutions must identify persons exercising control through ownership or, if unclear, by other means; failing that, the senior managing official is identified. For trusts, settlor, trustee, protector, significant beneficiaries and any natural person exercising ultimate control must be identified. Listed companies and their majority-owned subsidiaries need not have shareholders or beneficial owners identified. NBFCs must review KYC policies accordingly.