3 A domiciliary company cannot be a beneficial owner.

The bank must verify your identity and establish the identity of the beneficial owner.

A beneficial owner is the party controlling the voting rights stemming from a shareholding and bearing the associated economic risk.

By using the Card, the cardholder affirms that he or she is the sole beneficial owner of the assets held on the card.

Verifying the Information on the beneficial owner: The revised AMLA will explicitly require financial intermediaries to verify the information on the beneficial owner.