Banking · Anti-Money Laundering (AML)
When determining the Beneficial Ownership for a Trust as per the latest AML guidelines, the bank must identify the natural persons who exercise ultimate effective control. In a complex scenario where a Trust is the customer, which of the following combinations of individuals must be subjected to the KYC process to satisfy the requirement of identifying the Beneficial Owner?
Verified Solution4 OptionsUpdated: October 2026👁️1 View
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- 1Any individual who has contributed more than 50% of the initial corpus of the Trust and all the current employees of the Trust who have signing authority for the bank account.
- 2Only the Beneficiaries who have a vested interest of more than 25% in the Trust property and the managing trustee who has the power of attorney.
- 3The Settlor, the Trustees, the Protector if any, the Beneficiaries with 10% or more interest, and any other natural person exercising ultimate effective control over the Trust.✓
- 4Only the Settlor and the Trustees need to be identified as they are the legal owners of the assets and are responsible for the management of the Trust's activities.
Correct answer
The Settlor, the Trustees, the Protector if any, the Beneficiaries with 10% or more interest, and any other natural person exercising ultimate effective control over the Trust.
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