Text for AML Update Service
AML Update: Checking Beneficial Owners
Purchase this policy: Anti-Money Laundering Policy
- Change date
- 11/07/2024
- Word count
- 214
- Deployment measure
- 8/10
Rationale
Updated wording in light of recent guidance notes in particular the need to verify the identity of beneficial owners to the same standard as that applied to clients who are natural persons.
The goal is to understand who is the natural person or people who own and control the client, and in whose interests it is operating. It will rarely be necessary to consult the detailed definition of a beneficial owner if
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