6‑8 Beneficial owners and senior manager6‑8 Beneficial owners and senior manager, for bodies corporate, partnerships and unincorporated associations

6‑8 Beneficial owners and senior manager, for bodies corporate, partnerships and unincorporated associations

If reporting entity is unable to establish the identity of any beneficial owners (1) For the purposes of paragraph 28(6)(b) of the Act, a reporting entity is taken to have established on reasonable grounds the matter mentioned in paragraph 28(2)(d) of the Act (the identity of any beneficial owners of the customer) in relation to the customer if: (a) the customer is a body corporate, partnership or unincorporated association; and (b) the reporting entity has taken all reasonable steps to establish the identity of any beneficial owners of the customer, but has been unable to do so; and (c) the reporting entity has recorded the steps taken and any difficulties encountered in attempting to establish the identity of any beneficial owners; and (d) the reporting entity has collected information about the identity of the individual who is the chief executive officer (or equivalent) of the customer; and (e) the reporting entity has verified, using reliable and independent data, such of that information as is appropriate to the ML/TF risk of the customer. If reporting entity establishes there are no beneficial owners (2) For the purposes of paragraph 28(2)(g) of the Act, the matter in subsection (3) of this section is specified in relation to a customer if: (a) the customer is a body corporate, partnership or unincorporated association; and (b) the reporting entity establishes on reasonable grounds that the customer does not have any beneficial owners. (3) The matter is the identity of the individual who is the chief executive officer (or equivalent) of the customer.