Each Real Estate Agent must take reasonable steps to verify the identity of the beneficial owner using relevant information or data obtained from a reliable source so as to obtain assurance that he knows the beneficial owner.
For legal persons, the obligation to identify the beneficial owner requires the Agent to :
understand the ownership and control structure of the client ;
identify the natural persons, if any, who ultimately hold a controlling interest in the legal entity.
If there are doubts as to whether the persons with a controlling interest are the beneficial owners, or if no natural person exercises control through a shareholding, the Agent shall identify the natural persons, if any, who exercise control of the legal person by other means.
Where no natural person is identified as part of the implementation of the above identification measures, the Agent shall identify any natural person who holds the position of senior managing official.
For legal arrangements, trusts, companies, foundations and similar legal arrangements, the obligation to identify the beneficial owner requires the Agent to:
understand the client's ownership and control structure;
identify :
- the settlor(s);
- the trustee(s);
- the protector(s);
- the beneficiaries, if any; or
- where the persons who will be the beneficiaries of the construction or legal entity have not yet been designated, the category of persons in whose main interest the construction or legal entity was established or operates and any other natural person who ultimately exercises effective control over the legal construction through direct or indirect ownership or other means, including through a chain of ownership or control.
The Agent shall collect sufficient information on the beneficiary to ensure that he is in a position to identify the beneficiary at the time of payment of benefits or at the time when the beneficiary exercises his or her acquired rights.
Identification always takes place before the business relationship is established and continues throughout the duration of the relationship.
From a practical point of view, beneficial owner identification is made through a statement obtained by the client and/or the beneficial owners themselves.
What AML4YOU is offering:
Template manual of procedures
We have set up a template procedures manual, which you are able to customize to your proper needs in 40 minutes time. It comes with instructions, and a 10 step-plan, indicating the places where your input is still needed to customize the manual.
Download this template HERE.
Price: EUR 420
Beneficial owner statement, to be signed by the client
A template statement, ready for use, may be downloaded HERE.
Free of charge.
Beneficial owner statement, to be signed by the beneficial owner(s)
A template statement, ready for use, may be downloaded HERE.
Free of charge.
Assistance
If you would like assistance to validate your manual of procedures you have issued, you may book an appointment with one of our experts.
Book an online appointment HERE.
External Compliance Officer services (Free-Lance)
We will act as external & freelance AML Compliance Officer. We have set up a 8 h per month package. May be canceled at any time.
Price: EUR 960 / month
14 day free trial available.
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