Banking · KYC and PMLA Guidelines
The Managing Trustee of a Charitable Educational Trust (CEDT) approaches a bank to open a current account. The trust deed specifies: - Trustees: Mr. S (Managing Trustee), Mr. R (Executive Trustee), Ms. A (General Trustee) - Settlor: Ms. Y (The donor) - Beneficiaries: Students receiving aid (unidentifiable class) - Control: Mr. S is authorized to manage all operations. As per PMLA Rules, who must the bank identify and verify as the Beneficial Owners (BOs) of the Trust?
Verified Solution4 OptionsUpdated: October 2026👁️1 View
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- 1None of the individuals, as the beneficiaries are an unidentifiable class of persons, making the trust exempt from BO identification.
- 2Mr. S (Managing Trustee) and Ms. Y (Settlor), as the BO definition for a trust includes the Settlor, the Trustees, and the person exercising control.✓
- 3Mr. S (Managing Trustee) and Mr. R (Executive Trustee), as they are involved in daily administration.
- 4Ms. Y (Settlor), as she contributed the initial corpus, and all three Trustees (S, R, A).
Correct answer
Mr. S (Managing Trustee) and Ms. Y (Settlor), as the BO definition for a trust includes the Settlor, the Trustees, and the person exercising control.
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