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.

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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

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

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