AB Corporate Client Due Diligence

Introduction - beneficial owners

Where the client is not an individual natural person e.g. trust or a company, you must take reasonable measures to understand its ownership and control structure.

Where the client is beneficially owned by another person, you must:

 

  • identify the beneficial owner, ie the natural person(s) who ultimately owns or controls the client, and/or the person on whose behalf a transaction is being conducted; and

  • take reasonable measures to verify the identity of the beneficial owner so that you are satisfied that you know who the beneficial owner is.

If the beneficial owner is not an individual natural person then you must reapply the above to the beneficial owner.