Art. 11 Understanding the ownership and control structure of the customer | RTS on customer due diligence | AML

1. Obliged entities shall take risk-sensitive measures to ensure they obtain a comprehensive understanding of the ownership and control structure of the customer pursuant to Article 20(1) point (b) of Regulation (EU) 2024/1624.
1. For the purposes of the first paragraph and in situations where the customer’s ownership and control structure contains more than one legal entity or legal arrangementmeans an express trust or an arrangement which has a similar structure or function to an express trust, including fiducie and certain types of Treuhand and fideicomiso;, obliged entities shall take risk-sensitive measures to obtain and assess at least the following information:
  1. a description of the ownership and control structure, including the legal entities and/or legal arrangementsmeans an express trust or an arrangement which has a similar structure or function to an express trust, including fiducie and certain types of Treuhand and fideicomiso; that constitute intermediate entities between the customer and their beneficial ownersmeans any natural person who ultimately owns or controls a legal entity or an express trust or similar legal arrangement; and relevant for understanding the ownership and control structure; and
  2. where applicable:
    where beneficial ownership is determined on the basis of control, information on how this is expressed and exercised; or
    information on the regulated market on which the securities are listed, in case a legal entity at an intermediate level of the ownership and control structure has its securities listed on a regulated market, and the number and percentage of shares listed if not all the legal entity’s securities are listed on a regulated market.
1. With respect to the legal entities and/or legal arrangementsmeans an express trust or an arrangement which has a similar structure or function to an express trust, including fiducie and certain types of Treuhand and fideicomiso; described in paragraph (2), point (a), and to the extent that it is relevant, obliged entities shall take risk-sensitive measures to obtain the following information:
  1. the legal form of such entities and/or arrangements, and reference to the existence of any nominee shareholders;
  2. the jurisdiction of incorporation or registration of the legal person or legal arrangementmeans an express trust or an arrangement which has a similar structure or function to an express trust, including fiducie and certain types of Treuhand and fideicomiso;,
  3. in the case of a trust, the jurisdiction of its governing law;
  4. where applicable, the shares of interest held by each legal entity or legal arrangementmeans an express trust or an arrangement which has a similar structure or function to an express trust, including fiducie and certain types of Treuhand and fideicomiso;, its sub-division, by class or type of shares and/or voting rights expressed as a percentage of the respective total.
1. When obliged entities assess the ownership and control structure, they must be satisfied that:
  1. the information included in the description pursuant to paragraph 2, point (a) is credible;
  2. that there is an economic, legal or other rationale behind the structure; and
  3. that they understand how the overall structure affects the ML/TF risk associated with the customer.