The Ministry of Commerce and Industry (MOCI) has organized a specialized training workshop titled ‘Procedures for identifying the beneficial owner within the framework of due diligence measures’.
The training workshop is hosted with the participation of several trust fund service providers, companies, auditors, and precious metals and gemstone traders.
Held at the Ministry’s headquarters, the workshop addressed several topics related to the concept of due diligence, its various procedures and levels, customer verification mechanisms, and the identification of the beneficial owner, all of which contribute to enhancing compliance with anti-money laundering and counter-terrorism financing requirements.
The workshop also included an introduction to the concept of the beneficial owner according to the Financial Action Task Force (FATF) standards, the provisions of Law No. (20) of 2019 on Combating Money Laundering and Terrorism Financing and its implementing regulations, as well as the Decision of the Minister of Commerce and Industry No. (48) of 2020 Promulgating the AML/CFT Compliance Rules for Auditors, Dealers in Precious Metals or Precious Stones and Trust and Company Service Providers.
The workshop discussed the principles underlying the concept of the beneficial owner and the criteria for identifying them within the framework of due diligence measures. It also reviewed the fundamental principles of compliance and the penalties for failing to meet obligations related to identifying and documenting the beneficial owner.
It also presented examples of indicators of suspicion related to beneficial owners, aiming to raise awareness and enhance participants’ capabilities in this area.
