Specific Cases

Trusts — identify and verify the following

• Settlor:

  • If an individual — KYC required.

  • If an entity — ownership documents + KYC of individuals with >25% control.

• Trustee(s):

  • If an individual — KYC required.

  • If an entity — ownership documents + KYC of controlling persons.

• Protector:

  • Same rules as for settlors/trustees.

• Beneficiaries:

  • Named beneficiaries — KYC required if above age threshold (16–18).

  • Undetermined beneficiaries — disclose the class of persons benefiting.

• Other controllers: any natural person exercising ultimate control.

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Sole Proprietorships — acceptable documents include

• Recent company registry extract

• Certificate of registration/incorporation

• Business or trade license

• Annual return

• Tax form/certificate

• Bank statement