1. The competent authorities responsible for regulating Legal Arrangements shall have mechanisms available to: a. Identify the various types, forms, and essential characteristics of Legal Arrangements; b. Determine and describe procedures for establishing Legal Arrangements and for obtaining basic information and Beneficial Owner information in accordance with Paragraph (b) of Clause (1) of Article (9) and Clause (2) of Article (10) of this Resolution; c. Make the information referred to in Paragraphs (a) and (b) of this Clause accessible to all, without delay and in an effective manner; d. Access the Beneficial Owner information relating to Legal Arrangements, Trustees, and their Funds; e. Ensure that information relating to Legal Arrangements, including that referred to in Clause (2) of this Article, is Adequate, Accurate, and Up-to-Date. 2. Subject to the risk-based approach, Trustees of Trusts and persons holding a similar or equivalent position in any other Legal Arrangement established or managed in the State, shall: a. Obtain and retain Adequate, Accurate, and Up-to-Date Information on the Beneficial Owner in accordance with Clause (2) of Article (10) of this Resolution; b. Where the parties to the Legal Arrangement are legal persons or other Legal Arrangements, obtain adequate, accurate, and up-to-date basic information and Beneficial Owner information in accordance with Paragraph (b) of Clause (1) of Article (9) and Article (10) of this Resolution; c. Retain basic information relating to supervised intermediaries and service providers, including investment advisers, managers, accountants, and tax advisers. 3. Trustees in Legal Arrangements and persons holding a similar or equivalent position shall maintain the information referred to in Clause (2) of this Article accurately, update it within fifteen (15) Working Days of any amendment or change, and retain such information for a period of not less than five (5) years from the date their dealings with the Legal Arrangement end. 4. Trustees in Legal Arrangements and persons holding a similar or equivalent position shall: a. Disclose their status to Financial Institutions, DNFBPs, and Virtual Asset Service Providers when establishing a Business Relationship or carrying out an Occasional Transaction exceeding the prescribed threshold under this Resolution; b. Cooperate to the fullest extent possible with Concerned Authorities by providing necessary information relating to Legal Arrangements upon request and without delay; c. Provide Financial Institutions, DNFBPs, and Virtual Asset Service Providers, upon request, with information relating to the Beneficial Owner of the Legal Arrangement and the Funds held or managed under the terms of the Business Relationship. 5. Except for Trustees and persons holding a similar or equivalent position, and based on risk, context, and materiality, the Concerned Authorities may obtain, without delay, adequate, accurate, and up-to-date basic information and Beneficial Owner information relating to Legal Arrangements, their Funds, and Trustees, from any of the following sources: a. Competent authorities responsible for regulating Legal Arrangements, or those required under applicable legislation in the State to retain or collect such information, or to establish access mechanisms thereto; b. Financial Institutions, DNFBPs, and Virtual Asset Service Providers; c. Supervised intermediaries and service providers, including investment advisers and managers, accountants, and tax advisers; d. Any other source retaining such information. 6. The Concerned Authorities, in particular Law Enforcement Authorities and the Unit, may request and obtain, without delay, information from Trustees, persons holding a similar or equivalent position, Financial Institutions, DNFBPs, Virtual Asset Service Providers, and any other entity, concerning: a. Basic information and Beneficial Owner information of Legal Arrangements; b. The residence of the Trustee or persons holding a similar or equivalent position; c. Funds held or managed by Financial Institutions, DNFBPs, or Virtual Asset Service Providers in relation to Trustees or authorized persons holding a similar or equivalent position with whom they have a Business Relationship or for whom they conduct an Occasional Transaction. 7. The provisions of this Resolution shall apply to all Legal Arrangements established in the State and to foreign Legal Arrangements, regardless of their designation, such as Trusts, fiduciary arrangements, trust contracts or arrangements, endowments, or custodial arrangements, where such foreign Legal Arrangements are connected to or conduct business in the State, or where the Trustees or persons holding a similar or equivalent position reside in the State.
Interpretation and application must be checked against the official text and current version.