General due diligence obligations in respect of the beneficiary

(1) Without prejudice to section 10(1), point 2, of the Money Laundering Act, an obliged undertaking is also obliged, when establishing the business relationship, to establish the identity of a beneficiary under the insurance contract who differs from the policyholder, in accordance with section 11(5) of the Money Laundering Act. Insofar as beneficiaries are determined by characteristics, by categories, or in another manner, the obliged undertaking obtains sufficient information about them to ensure that it will be able to establish and verify their identity at the time of pay-out. Where the policyholder, or a beneficiary who differs from the policyholder, is a legal person or an association of persons, the obliged undertakings must also, where applicable, identify their beneficial owner in accordance with section 11(5) of the Money Laundering Act.
(2) An obliged undertaking must also fulfil the duty under section 10(1), point 4, of the Money Laundering Act in respect of the beneficiary who differs from the policyholder and, where applicable, in respect of that beneficiary's beneficial owner. Departing from section 11(1) of the Money Laundering Act, in the case of an assignment of an insurance policy, wholly or in part, to a third party, the obliged undertakings, once they have been informed of this, establish the identity of the third party and, where applicable, the identity of that party's beneficial owner, where the claims under the transferred policy are assigned. Verification of the identity of a beneficiary who differs from the policyholder and, where applicable, of that beneficiary's beneficial owner may also be completed after establishment of the business relationship, but no later than the time at which the pay-out is made or the beneficiary intends to exercise his or her rights under the insurance contract.
(3) The particulars collected and information obtained under subsections (1) and (2) must be recorded and retained by the obliged undertaking in accordance with section 8 of the Money Laundering Act. Section 43(1) of the Money Laundering Act applies correspondingly.