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 (excluding employee benefit trusts and occupational savings schemes), 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.
Amended: April 2013
October 2010