«التأمين» للشركات: التزموا بالدليل الإرشادي للمستفيد الحقيقي خلال 30 يوماً

The Insurance Authority has adopted the "Guideline for the Beneficial Owner" and has given insurance companies 30 days to comply with the guideline.

The authority indicated in a circular the requirements for identifying the beneficial owner as outlined in the Anti-Money Laundering Law and its executive regulations, the Anti-Terrorism and Financing Law and its executive regulations, and the Beneficiary Rules, while also pointing out the powers granted to it in regulating the insurance sector and overseeing and monitoring it.

Inquiry about Beneficiary Data

The authority highlighted the Ministry of Commerce's launch of a service to inquire about the data of the disclosed beneficial owner from companies via the "Wathiq" platform, which allows access to updated and approved data to enable financial institutions to apply due diligence procedures towards their clients. This includes confirming that licensed individuals connect technically with the "Wathiq" service to verify the identity of the beneficial owner, while considering all relevant conditions and controls, and notifying the Ministry of Commerce via the platform in case there is a non-disclosed beneficial owner or discrepancies in the information based on due diligence measures, without conflicting with the requirements for reporting suspicious transactions or the provisions of the Personal Data Protection Law, and benefiting from the service of the National Center for the Development of the Non-Profit Sector, which allows knowing the beneficial owner through the center's website and notifying the center in case of discrepancies in the data, as mentioned in the circular regarding this matter.

Implementing Customer Due Diligence Procedures

It was mentioned that the General Authority for Awqaf has provided a service to inquire about the beneficial owner information related to awqaf to enable financial institutions and non-financial businesses and professions to apply due diligence procedures towards their clients. It emphasized the necessity for licensed individuals to access this service through one of the following channels: technical integration with the systems of the General Authority for Awqaf, by contacting the Data Office via email and requesting forms for sharing beneficial owner data, and having them approved by the reporting entity and the General Authority for Awqaf, as well as the "Verification of Endowment Certificate" services available on the General Authority for Awqaf's website, in addition to accessing the list of all registered awqaf available to the public on the General Authority for Awqaf's website.