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Article (10)

IA-BOD-RES 10/2019

Financial Institutions and Designated Non-Financial Businesses and Professions and virtual assets services providers shall be exempt from determining and verifying the identity of the shareholder or partner or the Real Beneficiary, provided that such information is obtained from reliable sources in cases where the Client or owner of the controlling interest is of any of the following:
 

  1. A company that is listed on a regulated securities market and that is subject to disclosure requirements under any means that impose the requirements of adequate transparency for the Real Beneficiary.
     
  2. A subsidiary company whose majority of shares or stocks are owned by a holding company.
     
This article has been amended by Cabinet Resolution No. (24) of 2022. You are viewing the latest version. To view the previous version, click the version box below.
Version 1(effective from 10/02/2019 to 01/04/2022)

 

Financial Institutions and DNFBPs shall be exempted from identifying and verifying the identity of any shareholder, partner, or the Beneficial Owner, if such information is obtainable from reliable sources where the Customer or the owner holding the controlling interest are as follow:

 

  1. A company listed on a regulated stock exchange subject to disclosure requirements through any means that require adequate transparency requirements for the Beneficial Owner.
     
  2. A subsidiary whose majority shares or stocks are held by the shareholders of a holding company.