AMLAWARE | Legal Persons and Trusts
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Legal Persons and Trusts

17 Jun Legal Persons and Trusts

Topic Progress:

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.