Skip to main content
Entire section Custom print Text Only Rich Text Print

Article (37)

IA-BOD-RES 10/2019
  1. Trustees in legal arrangements shall keep information about the real beneficial owner as stated in clause no. (2) of Article no. (9) of this Resolution.
     
  2. Trustees in legal arrangements must keep basic information about supervised intermediaries and service providers, including investment advisors, managers, accountants, and tax advisors.
     
  3. Trustees in legal arrangements must disclose their status to Financial Institutions, Designated Non-Financial Businesses and Professions, and Virtual Asset Service Providers, when they establish a business relationship or carry out an occasional transaction that exceeds the specified limit under the provisions of this resolution. They must also provide them with information related to the beneficial owner and the assets that will be kept or managed under the terms of the business relationship, if requested.
     
  4. The information mentioned in clauses nos. (1) and (2) of this Article shall be accurately kept and updated within fifteen (15) working days upon any amendment or variation therein. The representatives of the legal arrangements shall retain such information for a period of five (5) years from the date of termination of their dealings with the legal arrangement.
     
  5. The concerned authorities, in particular law enforcement authorities, may request and obtain without delay the information kept by trustees, Financial Institutions, Designated Non-Financial Business or Professions or virtual assets services providers related to the following:
     
    1. The real beneficial owner of legal arrangements.
       
    2. place of residence of the Trustee.
       
    3. The Funds held or managed by the Financial Institution or the Designated Non-Financial Business in respect of any Trustee with whom they have a Business Relationship or for whose account they perform a casual transaction.
       
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. 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.