Art. 47 Specifications for the life and other investment-related insurance sector | Anti-money laundering regulation (AMLR) | AML

For life or other investment-related insurance business, in addition to the customer due diligence measures required for the customer and the beneficial ownermeans any natural person who ultimately owns or controls a legal entity or an express trust or similar legal arrangement;, obliged entities shall apply the following customer due diligence measures on the beneficiaries of life insurance and other investment-related insurance policies, as soon as the beneficiaries are identified or designated:
1. in the case of beneficiaries that are identified as specifically named persons or legal arrangementsmeans an express trust or an arrangement which has a similar structure or function to an express trust, including fiducie and certain types of Treuhand and fideicomiso;, recording the name of the person or arrangement;
2. in the case of beneficiaries that are designated by characteristics or by class or by other means, obtaining sufficient information concerning those beneficiaries so that it will be able to establish the identity of the beneficiary at the time of the payout.
For the purposes of the first subparagraph, the verification of the identity of the beneficiaries and, where relevant, their beneficial ownersmeans any natural person who ultimately owns or controls a legal entity or an express trust or similar legal arrangement; shall take place at the time of the payout. In the case of assignment, in whole or in part, of the life or other investment-related insurance to a third party, obliged entities aware of the assignment shall identify the beneficial ownermeans any natural person who ultimately owns or controls a legal entity or an express trust or similar legal arrangement; at the time of the assignment to the natural or legal person or legal arrangementmeans an express trust or an arrangement which has a similar structure or function to an express trust, including fiducie and certain types of Treuhand and fideicomiso; receiving for its own benefit the value of the policy assigned.