https://www.taxtmi.com/news?id=4577 Identification and verification of the beneficial owner is required for non-individual clients: banks must identify natural persons with controlling ownership interest or those exercising control through other means, and if none are found, identify the senior managing official. For trusts, banks must identify settlors, trustees, protectors, substantial beneficiaries and any person exercising ultimate control. Listed companies and their majority-owned subsidiaries are excepted from identifying shareholder beneficial owners. Banks must review KYC policies and Compliance/Principal Officers must acknowledge receipt. en-us Tue, 22 Jan 2013 16:49:15 +0530 Tue, 22 Jan 2013 16:49:15 +0530 TaxTMI RSS Generator https://www.taxtmi.com/news?id=4577 Identification and verification of the beneficial owner is required for non-individual clients: banks must identify natural persons with controlling ownership interest or those exercising control through other means, and if none are found, identify the senior managing official. For trusts, banks must identify settlors, trustees, protectors, substantial beneficiaries and any person exercising ultimate control. Listed companies and their majority-owned subsidiaries are excepted from identifying shareholder beneficial owners. Banks must review KYC policies and Compliance/Principal Officers must acknowledge receipt. News - Tue, 22 Jan 2013 16:49:15 +0530 https://www.taxtmi.com/news?id=4577