Identification; Collection of Information for the Purpose of Identification

(1) Obliged entities shall identify contracting parties, and, where applicable, persons acting for them and beneficial owners, before establishing the business relationship or carrying out the transaction, by collecting the information under subsections (4) and (5) and verifying it under section 12. Identification may also be completed without delay while the business relationship is being established, where this is necessary so as not to interrupt the normal course of business and where there is a low risk of money laundering and terrorist financing.
(2) By way of derogation from subsection (1), obliged entities under section 2(1), no. 14 shall identify the parties to the intermediated legal transaction, and, where applicable, persons acting for them and beneficial owners, as soon as the parties have a serious interest in carrying out the intermediated legal transaction and are sufficiently identifiable. Where obliged entities under section 2(1), no. 14 act for both parties to the intermediated legal transaction, each obliged entity need identify only the party for whom it is acting.
(3) Identification may be dispensed with where the obliged entity has already identified the person to be identified on a previous occasion in the course of fulfilling its due diligence obligations and has recorded the information collected at that time. Where the obliged entity must, on account of external circumstances, have doubts as to whether the information collected at the earlier identification remains accurate, it must carry out a fresh identification.
(4) In respect of contracting parties and, where applicable, persons acting for them, the obliged entity shall, for the purpose of identification, collect the following information: 1. in the case of a natural person: a) first and last name, b) place of birth, c) date of birth, d) nationality, and e) a residential address or, where there is no fixed residence with lawful stay in the European Union and identity is verified in the context of the conclusion of a basic account agreement within the meaning of section 38 of the Payment Accounts Act, the postal address at which the contracting party and the person acting for the obliged entity can be reached; 2. in the case of a legal person or a partnership: a) business name, name or designation, b) legal form, c) registration number, if any, d) address of the registered office or principal place of business, and e) the names of the members of the representative body or the names of the statutory representatives, and, where a member of the representative body or a statutory representative is itself a legal person, the data under letters a) to d) for that legal person.
(5) In respect of a beneficial owner, the obliged entity shall, for the purpose of identification, collect at least that person's first and last name and, insofar as this is appropriate in view of the money laundering or terrorist financing risk existing in the individual case, further identifying particulars. Date of birth, place of birth and address of the beneficial owner may be collected irrespective of the risk established. The information shall be collected from the contracting party or, where applicable, from persons acting for it; collecting the information from the Transparency Register does not suffice to fulfil the obligation to collect the information. Where, in the case of trusts or other legal arrangements under section 21, beneficial owners are determined by particular characteristics or by a category, the obliged entity shall obtain sufficient information about the beneficial owner to be able to establish the beneficial owner's identity at the time the transaction is carried out or the beneficial owner exercises his or her rights.
(5a) (repealed)
(6) The contracting party of an obliged entity shall provide the obliged entity with the information and documents necessary for identification. Where changes occur in the course of the business relationship, the contracting party shall notify the obliged entity of those changes without delay. The contracting party shall disclose to the obliged entity whether it intends to establish, continue or carry out the business relationship or the transaction for a beneficial owner. On making that disclosure it shall also provide the obliged entity with evidence of the beneficial owner's identity. The first to fourth sentences apply correspondingly to the parties to the intermediated legal transaction within the meaning of subsection (2) who are not contracting parties of the obliged entity under section 2(1), no. 14.
(7) Administrators of legal arrangements within the meaning of section 3(3) shall disclose their capacity as administrator to the obliged entity and shall provide it, without delay, with the information under subsection (5) necessary to identify all beneficial owners within the meaning of section 3(3), where, in that capacity, they enter into a business relationship or carry out a transaction above the threshold amounts referred to in section 10(3), no. 2, (5), (6) or (6a). In the case of trusts and other legal arrangements under section 21, the information under section 21(1) and (2) shall be transmitted to the obliged entity without delay.