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  • Legal Entities or Legal Arrangements (such as trusts)

    • FC-1.2.7

      If the customer is a legal entity or a legal arrangement such as a trust, the conventional bank licensee must obtain and record the following information from original identification documents, databases or websites, in hard copy or electronic form, to identify the customer and to take reasonable measures to verify its identity, legal existence and structure:

      (a) The entity's full name and other trading names used;
      (b) Registration number (or equivalent);
      (c) Legal form and proof of existence;
      (d) Registered address and trading address (where applicable);
      (e) Type of business activity;
      (f) Date and place of incorporation or establishment;
      (g) Telephone, fax number and email address;
      (h) Regulatory body or listing body (for regulated activities such as financial services and listed companies);
      (hh) The names of the relevant persons having a senior management position in the legal entity or legal arrangement;
      (i) Name of external auditor (where applicable);
      (j) Type of account, and nature and volume of anticipated business dealings with the conventional bank licensee; and
      (k) Source of funds.
      Amended: October 2017
      October 07

    • FC-1.2.8

      The information provided under FC-1.2.7 must be verified by obtaining certified copies of the following documents, as applicable (depending on the legal form of the entity):

      (a) Certificate of incorporation and/or certificate of commercial registration or trust deed;
      (b) Memorandum of association;
      (c) Articles of association;
      (d) Partnership agreement;
      (e) Board resolution seeking the banking services (only necessary in the case of private or unlisted companies);
      (f) Identification documentation of the authorised signatories to the account (certification not necessary for companies listed in a GCC/FATF state);
      (g) Copy of the latest financial report and accounts, audited where possible (audited copies do not need to be certified); and
      (h) List of authorised signatories of the company for the account and a Board resolution (or other applicable document) authorising the named signatories or their agent to operate the account (resolution only necessary for private or unlisted companies).
      Amended: October 2014
      Amended: January 2012
      October 07

    • FC-1.2.8A

      For customers that are legal persons, conventional bank licensees must identify and take reasonable measures to verify the identity of beneficial owners through the following information:

      (a) The identity of the natural person(s) who ultimately have a controlling ownership interest in a legal person, and
      (b) To the extent that there is doubt under (a) as to whether the person(s) with the controlling ownership interest is the beneficial owner(s), or where no natural person exerts control of the legal person or arrangement through other means; and
      (c) Where no natural person is identified under (a) or (b) above, the identity of the relevant natural person who holds the position of senior managing official.
      Added: October 2017

    • FC-1.2.9

      Documents obtained to satisfy the requirements in FC-1.2.8 above must be certified in the manner specified in FC-1.2.4 to FC-1.2.6.

      October 07

    • FC-1.2.9A

      For the purpose of Paragraph FC-1.2.8(a), the requirement to obtain a certified copy of the commercial registration, may be satisfied by obtaining a commercial registration abstract printed directly from the Ministry of Industry, Commerce and Tourism's website, through "SIJILAT Commercial Registration Portal".

      Added: January 2017

    • FC-1.2.10

      The documentary requirements in FC-1.2.8 above do not apply in the case of FATF/GCC listed companies: see Section FC-1.11 below. Also, the documents listed in FC-1.2.8 above are not exhaustive: for customers from overseas jurisdictions, documents of an equivalent nature may be produced as satisfactory evidence of a customer's identity.

      October 07

    • FC-1.2.11

      Licensees must also obtain and document the following due diligence information. These due diligence requirements must be incorporated in the licensee's new business procedures:

      (a) Enquire as to the structure of the legal entity or trust sufficient to determine and verify the identity of the ultimate beneficial owner of the funds, the ultimate provider of funds (if different), and the ultimate controller of the funds (if different);
      (b) Ascertain whether the legal entity has been or is in the process of being wound up, dissolved, struck off or terminated;
      (c) Obtain the names, country of residence and nationality of Directors or partners (only necessary for private or unlisted companies);
      (d) Require, through new customer documentation or other transparent means, updates on significant changes to corporate ownership and/or legal structure;
      (e) Obtain and verify the identity of shareholders holding 20% or more of the issued capital (where applicable). The requirement to verify the identity of these shareholders does not apply in the case of FATF/GCC listed companies;
      (f) In the case of trusts or similar arrangements, establish the identity of the settlor(s), trustee(s), and beneficiaries (including making such reasonable enquiries as to ascertain the identity of any other potential beneficiary, in addition to the named beneficiaries of the trust); and
      (g) Where a licensee has reasonable grounds for questioning the authenticity of the information supplied by a customer, conduct additional due diligence to confirm the above information.
      October 07

    • FC-1.2.12

      For the purposes of Paragraph FC-1.2.11, acceptable means of undertaking such due diligence might include taking bank references; visiting or contacting the company by telephone; undertaking a company search or other commercial enquiries; accessing public and private databases (such as stock exchange lists); making enquiries through a business information service or credit bureau; confirming a company's status with an appropriate legal or accounting firm; or undertaking other enquiries that are commercially reasonable.

      October 07

    • FC-1.2.13

      Where a licensee is providing investment management services to a regulated mutual fund, and is not receiving investors' funds being paid into the fund, it may limit its CDD to confirming that the administrator of the fund is subject to FATF-equivalent customer due diligence measures (see FC-1.9 for applicable measures). Where there are reasonable grounds for believing that investors' funds being paid into the fund are not being adequately verified by the administrator, then the licensee should consider terminating its relationship with the fund.

      October 07