opaque ownership structure
as defined in Regulation (EU) 2026/1386 of the European Parliament and of the Council of 17…, Article 2, point (8) (Definitions)
an arrangement in which the ownership or control of an entity is unclear, concealed or difficult to ascertain due to, inter alia, the use of complex legal structures, multiple layers of ownership, nominee shareholders, or other mechanisms that obscure the identity of the beneficial owner