(1) If a customer is a legal arrangement, a
Relevant Person must identify and verify the Beneficial Owners under AML Rule 7.3.1(1)(b) in accordance with this Rule.
Relevant Person must identify:
(a) for a trust, the settlor, trustee, protector, enforcer, beneficiaries and any other natural person who exercises ultimate effective control over the trust; and
(b) for other types of legal arrangements, persons in equivalent or similar positions to those persons referred to in (a).
(3) If the beneficiaries of a trust or arrangement are designated by characteristics or by class, the
Relevant Person must obtain sufficient information about the beneficiaries to satisfy itself that it will be able to establish the identity of a beneficiary:
(a) before it makes a distribution to the beneficiary; or
(b) when the beneficiary intends to exercise vested rights.
Relevant Person must verify the identity of a beneficiary referred to in (3) before it makes a distribution to the beneficiary or the beneficiary exercises vested rights.
Derived from DFSA RM231/2018 (Made 6th June 2018) [VER15/07-18]