Regulatory Alerts2023-09-10
Guidance Document for Identifying the Ultimate Beneficial Owner
The Iraqi Anti-Money Laundering and Countering the Financing of Terrorism Authority issues this guidance to mandate financial institutions and designated non-financial businesses to identify and verify the Ultimate Beneficial Owner (UBO) of their clients. The document defines UBOs based on ownership thresholds and control, outlines legal obligations for customer due diligence, and details procedures for identifying beneficial owners in complex ownership structures. It further specifies reporting requirements for suspicious transactions and penalties for non-compliance or failure to provide accurate information.
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