Financial Institutions, Designated Non-Financial Businesses and Professions, and Virtual Asset Service Providers shall take into account the risks of the Crime arising from the Customer and the Business Relationship, identify the Beneficial Owner of Legal Persons and Legal Arrangements, and take Reasonable Measures to verify such identity using documents, data, or information obtained from a reliable and independent source, in a manner that enables them to be satisfied that the Beneficial Owner’s identity has been determined, as follows: 1. Customers that are Legal Person: a. Obtaining the identity of the natural person who ultimately owns, whether individually or jointly with another person, an actual controlling ownership interest or shares in the Legal Person of 25% (twenty-five percent) or more; b. Where there is doubt as to the identification of the natural person under paragraph (a) of this Clause, or doubt that the natural person who owns an ownership interest or controlling shares is the Beneficial Owner, or where no natural person exercises control through ownership interest, the identity of the natural person who exercises legal or actual control over the Legal Person , or through any other means, whether directly or indirectly, shall be identified; c. Where no natural person is identified pursuant to paragraphs (a) and (b) of this Clause, identifying the relevant natural person holding a Senior Management position shall be identified, whether one or more persons. 2. Customers that are Legal Arrangement: a. Identifying the identity of the Trustee, Settlor, Trust Protector, Beneficiaries, or classes of Beneficiaries, and the powers and authorities granted thereto where no Beneficiaries are identifiable at the time of establishment of the Trust; b. Identifying the identity of any other natural person exercising ultimate effective control, including through a chain of ownership or control over the trust, whether directly or indirectly; c. Obtaining adequate information regarding the Beneficial Owner to enable the identification thereof at the time of payment or when the Beneficial Owner intends to exercise legally acquired rights; d. Identifying the natural persons holding equivalent or similar positions in other Legal Arrangements; e. Identifying the Beneficial Owner of a Legal Person where such Legal Person is a party to the Legal Arrangement, in accordance with the provisions of this Article.
Interpretation and application must be checked against the official text and current version.