What identification information must be obtained for a legal arrangement?

Section 28 (1) of the AMLTF Code of Practice stipulates that FIs and DNFBPs must obtain proof of existence of the legal arrangement and information regarding:

• name and legal form;
• date and country of establishment;
• name and address of the agent (if any);
• nature and purpose;
• the powers that regulate and bind the legal arrangement, as well as the names of the relevant persons having a senior management position; and
• the ownership and control structure of the legal arrangement.

In addition, FIs and DNFBPs must:

• identify and verify the identities of each beneficial owner, and any person acting on behalf of the legal arrangement; and
• understand the nature of the legal arrangement’s business and its ownership and control structure.