To build on an answer that Annette provided previously, I would just add the point that, under the PCMLTFA, reporting entities have obligations to know their customer.
The type of work that is happening on beneficial ownership in this particular instance would be to try to understand who owns the corporation, but as the operator of that particular corporation is establishing a business relationship with a reporting entity, it would be incumbent upon the reporting entity to know its customer and to get a good understanding of what their business is, including who the principals are.
In that sense, in this particular setting, the bank, for example, should have a good understanding of who's involved in the business. It's a bridge further to try to get better information on the beneficial owner—in this case, the owner of the corporation.