17 Jun Legal Persons and Trusts
Posted at 21:22h in
In cases where the customer is a legal entity or trust rather than a natural person, insurers should:
- Look behind the customer to identify those who have ultimate control or beneficial ownership over the business or the customer’s assets;
- Have a full understanding of the customer’s legal form, structure, and ownership;
- Regularly review customers’ information for changes or modifications and update customer documentation as necessary; and
- Verify information with Internet websites and other sources that are reasonably determined to be reliable.
In cases where the customer is a corporation, customer due diligence and the verification of customer identify and information should include:
- Obtaining copies of Articles of Incorporation and business registration;
- Identifying all officers and directors, and the ownership structure of the company; and
- Verifying the business address and details of operation of the company.