Havens / sponsors of international terrorism, offshore financial center, tax havens, countries where fraud is highly prevalent, Clients with dubious reputation (define : If a client’s reputation during the opening of the account or post opening the account is known to be not good, then the same is marked in “client with dubious public reputation” category.) as per public information available etc. Non face to face client. Non-resident Client. Identification of Beneficial Ownership For clients other than individuals or trusts: Where the client is a person other than an individual or trust, viz., company, partnership or unincorporated association/body of individuals, the intermediary shall identify the beneficial owners of the client and take reasonable measures to verify the identity of such persons, through the following information: A. The identity of the natural person, who, whether acting alone or together, or through one or more juridical person, exercises control through ownership or who ultimately has a controlling ownership interest. Explanation: Controlling ownership interest means ownership of/entitlement to: more than 25% of shares or capital or profits of the juridical person, where the juridical person is a company; more than 15% of the capital or profits of the juridical person, where the juridical person is a partnership; or more than 15% of the property or capital or profits of the juridical person, where the juridical person is an unincorporated association or body of individuals. B. In cases where there exists doubt under clause 4 (a) above as to whether the person with the controlling ownership interest is the beneficial owner or where no natural person exerts control through ownership interests, the identity of the natural person exercising control over the juridical person through other means. Explanation: Control through other means can be exercised through voting rights, agreement, arrangements or in any other manner.
Havens / sponsors of international terrorism, offshore financial center, tax havens, countries where fraud is highly prevalent, Clients with dubious reputation (define : If a client’s reputation during the opening of the account or post opening the account is known to be not good, then the same is marked in “client with dubious public reputation” category.) as per public information available etc. Non face to face client. Non-resident Client. Identification of Beneficial Ownership For clients other than individuals or trusts: Where the client is a person other than an individual or trust, viz., company, partnership or unincorporated association/body of individuals, the intermediary shall identify the beneficial owners of the client and take reasonable measures to verify the identity of such persons, through the following information: A. The identity of the natural person, who, whether acting alone or together, or through one or more juridical person, exercises control through ownership or who ultimately has a controlling ownership interest. Explanation: Controlling ownership interest means ownership of/entitlement to: more than 25% of shares or capital or profits of the juridical person, where the juridical person is a company; more than 15% of the capital or profits of the juridical person, where the juridical person is a partnership; or more than 15% of the property or capital or profits of the juridical person, where the juridical person is an unincorporated association or body of individuals. B. In cases where there exists doubt under clause 4 (a) above as to whether the person with the controlling ownership interest is the beneficial owner or where no natural person exerts control through ownership interests, the identity of the natural person exercising control over the juridical person through other means. Explanation: Control through other means can be exercised through voting rights, agreement, arrangements or in any other manner.
PMLA%20Policy.docx