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This is a due diligence form for persons seeking the services of Open House Malta hereinunder referred to as “the Subject Person”.
In terms of the Prevention of Money Laundering Act (Cap. 373 of the Laws of Malta), the Prevention of Money Laundering and Funding of Terrorism Regulations (SL. 373.01) and the National Interest (Enabling Powers) Act (Cap. 365 of the Laws of Malta), a Subject Person is legally bound to ensure that proper Customer Due Diligence (CDD) and Anti-Money Laundering procedures are followed through.
Consequently, during certain regulated activity, some detailed information is required from all the parties involved, which is either obligatory or deemed necessary for the proper discharge of particular obligations.
Identification and Verification
The Law requires subject persons to obtain satisfactory evidence of the identity of the customers and related parties. This is because particular transactions or activity involving a subject person may be used as a vehicle by criminals in order to legitimise their illicit gains. In this regard, the Subject Person will seek to identify and verify the identity of the customers and will make copies of certain documents for identification purposes.
When the customer is a body corporate or another type of legal arrangement, the Subject Person will:
(a) establish who the beneficial owner(s) of the customer is/are (the beneficial owners are those natural persons who, either own or control more than 25% of the shares or voting rights in the customer or otherwise exercise control over the management of the customer); and
(b) identify who are the directors or persons who manage the customer;
Furthermore, the Subject Person will establish whether the customer, beneficial owner, where applicable, or other involved parties is/are a Politically Exposed Person.
For these reasons the customer or legal representatives of the customer are being asked to complete this form and to provide all documents required in terms hereof.
Valid identification documentation (identity card, passport, driving licence, etc) of each one of the persons identified in this form must be provided. We may also require a confirmation of permanent residency by means of additional documentation, such as a recent utility bill, which must not be older than six (6) months from receipt of document.
Source of Wealth and Source of Funds
Some information about the source of wealth and/or source of funds, where and as applicable, may be required and the Subject Person may ask for documentary evidence as deemed necessary. Should any part of the expected activity involve a third party (a relative or a related company), the Subject Person is required to carry out the same CDD procedures on the third party.
Forms and Documentation
The Subject Person is obliged by Law to keep a record of the procedures undertaken and will thus hand out specific forms to be filled in by all the parties in order to collect as much information as possible at one go. The Subject Person may also require additional information or documentation deemed necessary in the context of the particular activity. All the information and documentation obtained in the course of the discharge of these obligations is strictly confidential.
This Form contains the preliminary details required by the subject person. You are required to fill in this form and return same to the office of the Subject Person in original duly signed together with the requested documentation.
It is important to note that notwithstanding any engagement instructions, the subject person can reserve the right not to provide the services required if any requirements are not satisfactorily met by the information and assistance supplied.
