Regulatory Alerts1995-01-27
Added · Updated
Circular 95/1: Accounts Opened Under a Pseudonym
Securities firms are prohibited from opening accounts or establishing documents for clients under a pseudonym, as doing so constitutes a criminal offense under Articles 231 and 196-197 of the Penal Code and excludes clients from Caisse intervention benefits under the Royal Decree of 2 January 1991. Firms must ensure strict identity disclosure in compliance with anti-money laundering laws and regularize any existing non-compliant accounts without delay.