Section 7C: Identification of Beneficial Ownership

1) When establishing a business relationship or conducting transactions with a reporting entity, if beneficial ownership is possible, it must be identified, and reasonable measures must be taken to verify the beneficial owner’s identity.

2) The reporting entity shall ascertain whether a person is acting, establishing a business relationship, or conducting a transaction on behalf of another person.

3) Reporting entity, while ascertaining whether a person is establishing business relation or transaction on behalf of another, shall follow the identification and verification measures as stipulated in clause (d) of sub-section (4) of section 7A