Article 29 Screening of customers and beneficial owners

Obliged entities shall establish whether their customers, the beneficial ownersmeans any natural person who ultimately owns or controls a legal entity or an express trust or similar legal arrangement; and the entities or persons which control or meet the ownership conditions stipulated in Article 20(1), point (d), of Regulation (EU) 2024/1624 are subject to targeted financial sanctionsmeans both asset freezing and prohibitions to make funds or other assets available, directly or indirectly, for the benefit of designated persons and entities pursuant to Council Decisions adopted on the basis of Article 29 TEU and Council Regulations adopted on the basis of Article 215 TFEU;. Where there is a suspicion of circumvention or evasion of targeted financial sanctionsmeans both asset freezing and prohibitions to make funds or other assets available, directly or indirectly, for the benefit of designated persons and entities pursuant to Council Decisions adopted on the basis of Article 29 TEU and Council Regulations adopted on the basis of Article 215 TFEU;, obliged entities shall also establish whether the person acting on behalf of the customer is subject to targeted financial sanctionsmeans both asset freezing and prohibitions to make funds or other assets available, directly or indirectly, for the benefit of designated persons and entities pursuant to Council Decisions adopted on the basis of Article 29 TEU and Council Regulations adopted on the basis of Article 215 TFEU;.