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Uncovering the Real Beneficial Owners

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  • Bashir Nakib
    The Beneficial or Economic Owner in relation to a customer of a financial adviser, means the natural person who ultimately owns or controls a customer or the
    Message 1 of 1 , Oct 31, 2007
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      The Beneficial or Economic Owner in relation to a customer of a financial adviser, means the natural person who ultimately owns or controls a customer or the person on whose behalf a transaction is being conducted and includes the person who
      exercises ultimate effective control over body corporate or unincorporate;
      1. Can you describe the CDD Measures where Business Relations are Established?
      2. Steps to be followed in Non-Face-to- Face Verification?
      CDD Measures by Intermediaries: Who is really the Beneficial Owner?
      What does "beneficial ownership" mean in the context of legal entities?
      What implications, if any, are there if shares are held in bearer form?
      What does "beneficial ownership" mean in the context of trusts?
      Why is it appropriate for the private banker to understand who has control over the funds held in the trust structure or who has the power to remove to the trustee, even if the person having such control or power is not the source of funds?
      What does beneficial ownership mean in the context of unincorporated associations and partnerships?
      Thank you for your contribution
      Group AML Professionals
                   Moderator



        Bashir A. Al-Nakib, (CAMS)
        Moderator - GAP & LCO Groups
        Beirut - Lebanon
        Telefax: +961 (1) 24 42 61
        Mobile: +961 (3) 31 35 92  
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