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Article (8)

IA-BOD-RES 10/2019
  1. Financial Institutions and Designated Non-Financial Businesses and Professions shall recognize the identity of Client the client, whether permanent or occasional, and whether he/ she is a natural or juridical person or a legal arrangement they must also verify his/ her identity, using original documents, data or information from a reliable and independent source, as follows:
     
    1. As for natural persons:

      Name as shown in the identity or travel document, the nationality, the address, the place of birth and, where applicable, the name and address of the employer, with an attached original copy of the valid identity card or travel document.
       
    2. As for juridical persons and legal arrangements:
       
      1. the Name, the legal form, and Articles of Incorporation.
         
      2. The address of the head office or the principal place of business, and if the person is a foreigner, the name and address of his/ her legal representative in the state, if any, shall be stated and the relevant supporting documents shall be submitted.
         
      3. Articles of Association or any other similar approved documents.
         
      4. The names of the relevant persons who hold senior management positions with the juridical person or legal arrangement.
         
  2. Financial Institutions and Designated Non-Financial Businesses and Professions shall verify that any person who is acting on behalf of the ClientClient is authorized to do so, and shall identify such person in the manner provided for in clause no. (1) of this article.
     
  3. Financial Institutions and Designated Non-Financial Businesses and Professions shall understand the purpose and nature of the business relationship and obtain information related to this purpose when needed.
     
  4. Financial Institutions and Designated Non-Financial Businesses and Professions shall understand the nature of the Clientclient's business and the ownership and control structure of the Client.
     
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)

 

  1. Financial Institutions and DNFBPs should identify the Customer’s identity, whether the Customer is permanent or walk-in, and whether the Customer is a natural or legal person or legal arrangement, and verify the Customer’s identity and the identity of the Beneficial Owner. This should be done using documents, data or information from a reliable and independent source or any other source to verify the identity verification as follows:
     
    1. For Natural Persons:

      The name, as in the identification card or travel document, nationality, address, place of birth, name and address of employer, attaching a copy of the original and valid identification card or travel document, and obtain approval from the senior management, if the Customer or the Beneficial Owner is a PEP.
       
    2. For Legal Persons and Legal Arrangements:
       
      1. The name, Legal Form and Memorandum of Association
         
      2. Headquarter office address or the principal place of business; if the legal person or arrangement is a foreigner, it must mention the name and address of its legal representative in the State and submit the necessary documents as a proof.
         
      3. Articles of Association or any similar documents, attested by the competent authority within the State.
         
      4. Names of relevant persons holding senior management positions in the legal person or legal arrangement.
         
  2. Financial institutions and DNFBP’s are required to verify that any person purporting to act on behalf of the Customer is so authorised, and verify the identity of that person as prescribed in Clause (1), of this Article.
     
  3. Financial institutions and DNFBP’s are required to understand the intended purpose and nature of the business relationship, and obtain, when necessary, information related to this purpose.
     
  4. Financial institutions and DNFBP’s are required to understand the nature of the Customer’s business as well as the Customer’s ownership and control structure.