AML/CFTR 4.3.9 Extent of CDD — legal persons and arrangements

(1) This rule applies if a firm is required to conduct CDD for a legal person (other than a corporation) or a legal arrangement.
(2) If the firm identifies the class of persons in whose main interest the legal person or legal arrangement is established or operated as a beneficial owner, the firm is not required to identify all the members of the class.
(3) However, if the CDD is required to be conducted for a legal arrangement and the beneficiaries and their contributions have already been decided, the firm must identify each beneficiary who is to receive at least 20% of the funds of the arrangement (by value).

Note See also rule 4.6.11 (Customer identification documentation — legal arrangements).
Derived by QFCRA RM/2019-8 (as from 1st February 2020)