3.3.2.2. Identification and Verification of Beneficiaries or Other Payees and Their Beneficial Owners
Effective from 31/10/2022Under Article 11.1 of the AML-CFT Decision, insurers are required to conduct CDD measures, including ongoing monitoring, with respect to any beneficiary of life insurance and other investment insurance insurance products, including life insurance products relating to investments and family Takaful insurance, as soon as the beneficiary is identified or designated. In addition, as soon as a beneficiary or other payee is designated, an insurer must perform the following:
| • | For a beneficiary or payee who is identified as a specifically named natural person, legal person, or legal arrangement, obtain the full name, including any aliases, of such beneficiary or payee; or | |||
| • | For a beneficiary or payee who is designated by characteristics, class, or other means, obtain sufficient information concerning the beneficiary or payee to satisfy itself that it will be able to establish the identity of such beneficiary or payee at the time of payout. | |||
| • | At the time of payout, insurers must also verify the identities of all beneficiaries or payees and their beneficial owners in accordance with the same procedures used to identify and verify the identity of a natural person customer. | |||