AML 7.3.5

(1) If a customer is a foundation, a Relevant Person must identify and verify the Beneficial Owners under AML Rule 7.3.1(1)(b) in accordance with this Rule.
(2) The Relevant Person must identify the founder, guardian, contributors, qualified recipients, other persons entitled to receive any property or income from the foundation and any other natural person who exercises ultimate effective control of the foundation.
(3) If the qualified recipients, or other persons entitled to receive property or income from a foundation, are designated by characteristics or by class, the Relevant Person must obtain sufficient information to satisfy itself that it will be able to establish the identity of the qualified recipient or other person before it makes any payment or transfer of property to the recipient or person.
(4) The Relevant Person must verify the identity of a qualified recipient or other person referred to in (3) before it makes any payment, or transfers any property, from the foundation to that recipient or person.
Derived from DFSA RM231/2018 (Made 6th June 2018) [VER15/07-18]