Controlling person rules clarified: trusts' settlors, trustees and beneficiaries are treated as controlling persons; AML reliance limited. RFIs may rely on information under the Prevention of Money laundering Act only to the extent those rules conform to the 2012 FATF recommendations. For trusts, the definition of controlling person follows Explanation 2 to Explanation (B) to Rule 114F(6), requiring RFIs to treat settlors, trustees, beneficiaries (regardless of interest size) and any natural person exercising ultimate effective control as controlling persons for due diligence. For new entity accounts of passive non financial entities, RFIs may rely on self certification from the account holder or controlling person to determine reportability, per the CRS commentary.
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
Controlling person rules clarified: trusts' settlors, trustees and beneficiaries are treated as controlling persons; AML reliance limited.
RFIs may rely on information under the Prevention of Money laundering Act only to the extent those rules conform to the 2012 FATF recommendations. For trusts, the definition of controlling person follows Explanation 2 to Explanation (B) to Rule 114F(6), requiring RFIs to treat settlors, trustees, beneficiaries (regardless of interest size) and any natural person exercising ultimate effective control as controlling persons for due diligence. For new entity accounts of passive non financial entities, RFIs may rely on self certification from the account holder or controlling person to determine reportability, per the CRS commentary.
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