MORNBFI Vol. 1 - Planters Development Bank

APP. Q-23-e08.12.31Trusts and Foundations30. When opening an account for atrust, the bank should take reasonable stepsto verify the trustee(s), the settler(s) of thetrust (including any persons settling assets intothe trust) any protector(s), beneficiary(ies), andsignatories. Beneficiaries should be identifiedwhen they are defined. In the case of afoundation, steps should be taken to verifythe founder, the managers/directors andthe beneficiaries.Professional Intermediaries31. When a professional intermediaryopens a client account on behalf of a singleclient that client must be identified.Professional intermediaries will often open“pooled” accounts on behalf of a numberof entities. Where funds held by theintermediary are not co-mingled butwhere there are “sub-accounts” which canbe attributable to each beneficial owner,all beneficial owners of the account heldby the intermediary should be identified.Where the funds are co-mingled, the bankshould look through to the beneficialowners; however, there may becircumstances which should be set out insupervisory guidance where the bank maynot need to look beyond the intermediary(e.g. when the intermediary is subject tothe same due diligence standards inrespect of its client base as the bank).32. Where such circumstances applyand an account is opened for an open orclosed ended investment company, unittrust or limited partnership which is alsosubject to the same diligence standards inrespect of its client base as the bank, thefollowing should be considered asprincipals and the bank should take stepsto identify:• the fund itself;• its directors or any controllingboard where it is a company;• its trustee where it is a unit trust;• its managing (general) partnerwhere it is a limited partnership;• account signatories;• any other person who has controlover the relationship e.g. fundadministrator or manager.33. Where other investment vehiclesare involved, the same steps should betaken as in paragraph 32 where it isappropriate to do so. In addition all reasonablesteps should be taken to verify the identityof the beneficial owners of the funds andof those who have control of the funds.34. Intermediaries should be treated asindividual customers of the bank and thestanding of the intermediary should beseparately verified by obtaining theappropriate information drawn from theitemised lists included in paragraphs19-20 above.Manual of Regulations for Non-Bank Financial InstitutionsQ RegulationsAppendix Q-23-e - Page 5