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  • Part 2 Requirements of Legal Arrangements

    • Article (37)

      1. The Trustees in Legal arrangements are required to information about the Beneficial Owner as prescribed in Clause (Error! Reference source not found.) of Article (9) of this Decision.
         
      2. The Trustees in Legal Arrangements are required to maintain basic information relating to intermediaries, who are subject to supervision, and service providers, including consultants, investors, directors, accountants and tax advisors.
         
      3. The information mentioned in Clauses (1) and (2) of this Article shall be maintained accurately and updated within 15 days if it is amended or changed and legal arrangement representatives shall be required to maintain this information for at least five years from the date of the end of their involvement with the legal arrangement.
         
      4. The Competent Authorities, and in particular Law Enforcement Authorities, shall request and obtain information held by trustees, Financial Institutions, or DNFBPs, without delay, relating to the following:
         
        1. The Beneficial Ownership of legal arrangements
           
        2. The residence of the Trustee
           
        3. The funds that are held or managed by the Financial Institution or DNFBP in relation to any trustees with which they have a Business Relationship, or for which they undertake an occasional Transaction.