(1) For the purposes of Rule 8.3.1(1)(b), and subject to (4), a Relevant Person must identify the Beneficial Owners of a Body Corporate in accordance with this Rule.
(2) The Relevant Person must identify any natural person who:
(a) owns or controls (in each case whether directly or indirectly) 25% or more of the shares or voting rights in the Body Corporate; or
(b) controls the Body Corporate.
(c) exercises ultimate control over the management of the Body Corporate.
(3) For the purposes of (2)(b), a natural person controls a Body Corporate if such person:
(a) holds, directly or indirectly:
(i) 25% or more of the Body Corporate's shares;
(ii) 25% or more of the voting rights in the Body Corporate; or
(iii) the right to appoint or remove a majority of the board of directors of the Body Corporate; or
(b) has the right to exercise, or actually exercises, significant influence or control over the Body Corporate.
(4) A Relevant Person is not required to comply with Rule 8.3.1(1)(b) if the customer is:
(a) a Listed Body Corporate; or
(b) a Body Corporate that is wholly-owned by the Federal Government of the United Arab Emirates, or by any of the governments of the member Emirates of the United Arab Emirates; or
(c) a Body Corporate created by Emiri decree within the United Arab Emirates.
|Amended on (15 April, 2019).|