When should verification of a legal person be undertaken?

In accordance with section 25 (1) of the AMLTF Code of Practice, identification and verification should be undertaken where the legal person is:

• the applicant for business;
• a shareholder of the applicant for business (holding 10% or more interest or voting rights);
• a director of the applicant for business; or
• a third party acting or purporting to act on behalf of the applicant for business.