Anti-Money Laundering (AML) and Combating the Financing of Terrorism (CFT) Regulations
Identity Verification Requirements
Accountable persons must verify the identities of customers, including foreign nationals, to prevent money laundering and terrorist financing.
- Key Points:
- Verify customer identities to prevent illicit activities
- Ensure accountability for financial institutions
Information Required for Foreign Nationals
For foreign nationals, accountable persons must obtain specific information:
- Name
- Address
- Date and place of birth
- Nationality
- Passport details
- Visa status
- Tax identification number (if applicable)
- Signature
- Thumb print
Verification Process for Foreign Nationals
Accountable persons must verify the provided information through various means, including:
- Contacting relevant authorities or financial institutions in the customer’s country of origin or residence
- Ensuring accuracy and authenticity of documents
Requirements for Local Entities
For local entities, accountable persons require documentation such as:
- Registration or incorporation documents
- Proof of authorization to open an account
- Information about the entity’s natural persons managing, controlling, or owning it
Requirements for Foreign Entities
Foreign entities must provide similar information, including:
- Name and number under which they are incorporated or registered
- Details of their situation of registered place of business in their country of incorporation or registration