1. Financial Institutions, Designated Non-Financial Businesses and Professions, and Virtual Asset Service Providers shall comply with the following: a. Identify, understand, manage, assess, document, and continuously update the risks of the Crime within their business scope, taking into consideration the risk-based approach and the multiple aspects of risks as defined by the Executive Regulations of this Decree by Law, while retaining the risk assessment study and related information, and providing the same to the Supervisory Authority upon request. b. Implement Customer Due Diligence (CDD) Measures and continuous monitoring procedures, determining their scope based on the multiple risk dimensions and with due regard to the outcomes of the national risk assessment, while retaining the information obtained from implementing such measures. The Executive Regulations shall specify the cases in which such measures apply, the types of measures, and the conditions for deferring the completion of Customer or Beneficial Owner identification. c. Refrain from opening or maintaining accounts, or conducting any financial or commercial transactions, under anonymous, fictitious, alias, or numbered names, or providing any services thereto. d. Establish internal policies, controls, and procedures, approved by senior management, enabling them to manage and mitigate identified risks, and to review and update the same on a continuous basis, ensuring their application to all branches and subsidiary companies in which they own a majority share. The Executive Regulations shall specify the minimum requirements of such policies, controls, and procedures. e. Implement forthwith the instructions issued by the Executive Office or any other Competent Authorities concerning Targeted Financial Sanctions. f. Retain all records, documents, and data relating to Transactions, whether domestic or international, ensuring their immediate availability to Competent Authorities upon request, pursuant to the provisions of the Executive Regulations of this Decree by Law. g. Any other obligations stipulated in the Executive Regulations of this Decree by Law. 2. For the purposes of this Decree by Law, the Executive Regulations shall regulate the following: a. The obligations of Non-Profit Organizations. b. The obligations of the Registrar and Competent Authorities regulating Legal Arrangements. c. The obligations of companies, nominee directors, and nominee shareholders. d. The obligations pertaining to the Legal Arrangement, the Trustee, and any person occupying an equivalent position. 3. The Cabinet shall issue a resolution regulating the procedures of identifying the Beneficial Owner.
Interpretation and application must be checked against the official text and current version.