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  • Verification of Third Parties

    • AML-1.1.5

      Capital Market Licensees must obtain a signed statement, in hard copy or through digital means from all new customers confirming whether or not the customer is acting on his own behalf or not. This undertaking must be obtained prior to conducting any transactions with the customer concerned.

      Amended: January 2022
      Added: October 2010

    • AML-1.1.6

      Where a customer is acting on behalf of a third party, the Capital Market Licensees must also obtain a signed statement from the third party, confirming they have given authority to the customer to act on their behalf. Where the third party is a legal person, the Capital Market Licensees must have sight of the original Board resolution (or other applicable document) authorising the customer to act on the third party's behalf and retain a certified copy.

      Amended: January 2022
      Added: October 2010

    • AML-1.1.7

      Capital Market Licensees must establish and verify the identity of the customer and (where applicable) the party/parties on whose behalf the customer is acting, including the Beneficial Owner of the funds. Verification must take place in accordance with the requirements specified in this Chapter.

      Amended: January 2022
      Added: October 2010

    • AML-1.1.8

      Where capital market services are provided to a minor or other person lacking full legal capacity, the normal identification procedures as set out in this Chapter must be followed. In the case of minors, Capital Market Licensees must additionally verify the identity of the parent(s) or legal guardian(s). Where a third party on behalf of a person lacking full legal capacity wishes to open business relations, the Capital Market Licensee must establish the identity of that third party, as well as the person conducting the business.

      Amended: January 2022
      Added: October 2010