https://www.taxtmi.com/news?id=4565 Banking companies and financial institutions must identify and take reasonable steps to verify the beneficial owner of clients: for non-individuals, identify the natural person with ultimate ownership or control using prescribed ownership thresholds; if ownership does not reveal a natural person, identify those exercising control by other means; failing that, identify the senior managing official. For trusts, identify settlor, trustee, protector, beneficiaries with significant interest and any person exercising ultimate control. Listed companies and their majority-owned subsidiaries are exempt from shareholder verification. Banks must review KYC policy for compliance. en-us Fri, 18 Jan 2013 18:37:48 +0530 Fri, 18 Jan 2013 18:37:48 +0530 TaxTMI RSS Generator https://www.taxtmi.com/news?id=4565 Banking companies and financial institutions must identify and take reasonable steps to verify the beneficial owner of clients: for non-individuals, identify the natural person with ultimate ownership or control using prescribed ownership thresholds; if ownership does not reveal a natural person, identify those exercising control by other means; failing that, identify the senior managing official. For trusts, identify settlor, trustee, protector, beneficiaries with significant interest and any person exercising ultimate control. Listed companies and their majority-owned subsidiaries are exempt from shareholder verification. Banks must review KYC policy for compliance. News - Fri, 18 Jan 2013 18:37:48 +0530 https://www.taxtmi.com/news?id=4565