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:

(a) 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.

(b) 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.

Financial institutions and DNFBP’s are required to verify that any person purporting to act on behalf of the Customer is so authorized, and verify the identity of that person as prescribed in Clause (1), of this Article.

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.

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.

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The entire contents of this article is solely for information purpose and have been prepared on the basis of relevant provisions and as per the information existing at the time of the preparation.. It doesn't constitute professional advice or a formal recommendation. The author has undertook utmost care to disseminate the true and correct view and doesn't accept liability for any errors or omissions. You are kindly requested to verify & confirm the updates from the genuine sources before acting on any of the information's provided herein above.

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