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The document titled 'Know Your Client (KYC)' is a documentation checklist that outlines the necessary information and documents required from individuals and companies subscribing for participating shares. The purpose of this document is to ensure compliance with legislation and regulations related to the prevention of money laundering and to verify the identity of subscribers and the source of payment.
The document begins by specifying the requirements for companies subscribing for participating shares. These requirements include providing a certified copy of the certificate of incorporation, memorandum and articles of association, details of registered office and place of business, resolutions authorizing the subscription, and various registers and documents related to the company's directors and members. Additionally, the company must provide evidence of its authority to make the subscription and a copy of the latest audited financial statements if available.
For individuals subscribing for participating shares, the document requires a certified copy of their passports or other acceptable identification, two documents evidencing permanent address, and a copy of the latest income statements if available.
Trustees, agents, general partners of partnerships, or other persons acting in a representative capacity must provide a certified copy of the trust agreement, power of attorney or partnership agreement, as applicable, along with the required information for individual applicants and a copy of the latest income statements if available.
The document also includes further notes regarding the certification of non-English documents, the role of the certifier, and the fund's obligation to adopt and maintain anti-money laundering procedures. It states that the fund and its agents reserve the right to request additional information to verify the identity of subscribers and the source of payment.
In summary, the 'Know Your Client (KYC)' document is a comprehensive checklist that outlines the specific information and documents required from companies, individuals, and representatives subscribing for participating shares. It serves the purpose of ensuring compliance with anti-money laundering regulations and verifying the identity and legitimacy of subscribers and their payments.
Step-by-step guidance for using the 'Know Your Client (KYC)' document:
1. Determine the type of subscriber: Identify whether the subscriber is a company, an individual, or a representative acting on behalf of a trust, partnership, or unincorporated business.
2. Collect necessary documents: For companies, collect the certified copies of the certificate of incorporation, memorandum and articles of association, resolutions, registers, and financial statements. For individuals, collect the certified copy of their passport, documents evidencing permanent address, and income statements. For representatives, collect the relevant agreements, required information for individual applicants, and income statements.
3. Verify non-English documents: If any documents are not in English, ensure they are accompanied by a notarized translation.
4. Find a suitable certifier: Engage a suitable person such as a lawyer, accountant, or director of a regulated credit or financial institution to certify the documents. The certifier should sign the copy document, clearly print their name, indicate their position or capacity, and provide a contact address and telephone number.
5. Verify identity and source of payment: Follow the fund's anti-money laundering procedures to verify the identity of the subscriber and the source of payment. This may involve requesting additional information or evidence.
6. Submit the documents: Compile all the required documents and submit them to the fund or its agents.
7. Await acceptance: Wait for the fund or its agents to review the documents and accept the subscription.
8. Return of funds: In case of delay or failure to provide the necessary information, be aware that the fund or its agents may refuse the subscription and return any funds received without interest.
By following these steps, you can effectively use the 'Know Your Client (KYC)' document to ensure compliance with anti-money laundering regulations and provide the necessary information and documents for subscribing for participating shares.