https://www.taxtmi.com/circulars?id=12085 Identification of the beneficial owner under PMLA Rules requires banks and financial institutions to determine and verify the natural person who ultimately owns or controls a client. For non-individual clients, institutions must identify persons exercising control through ownership or, if unclear, by other means; failing that, the senior managing official is identified. For trusts, settlor, trustee, protector, significant beneficiaries and any natural person exercising ultimate control must be identified. Listed companies and their majority-owned subsidiaries need not have shareholders or beneficial owners identified. NBFCs must review KYC policies accordingly. en-us Wed, 27 Feb 2013 00:00:00 +0530 Thu, 28 Feb 2013 09:28:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/circulars?id=12085 Identification of the beneficial owner under PMLA Rules requires banks and financial institutions to determine and verify the natural person who ultimately owns or controls a client. For non-individual clients, institutions must identify persons exercising control through ownership or, if unclear, by other means; failing that, the senior managing official is identified. For trusts, settlor, trustee, protector, significant beneficiaries and any natural person exercising ultimate control must be identified. Listed companies and their majority-owned subsidiaries need not have shareholders or beneficial owners identified. NBFCs must review KYC policies accordingly. Circulars FEMA Wed, 27 Feb 2013 00:00:00 +0530 https://www.taxtmi.com/circulars?id=12085