European Fund Administration Investor account opening pack · Mother Company Certification AML...

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European Fund Administration

Investor account opening pack KYC documentation – items requested by EFA in relation to the account opening for new investors

[Company name]

For the attention of:

[Gender] [First Name] [Last Name] [Company name] [Address] [Post code] [City] [Country] Tel: +[Telephone number] Fax: +[Fax number] e-mail: [e-mail]

Strictly confidential

Disclaimer: This material is provided to you for information purposes only. The content is strictly confidential and shall not be disclosed to any third party at all times, except with the prior written consent of EFA.

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Strictly confidential European Fund Administration Account opening pack

Table of Content

Table of Content ...................................................................................................................................... 2

Definitions ................................................................................................................................................ 3

Introduction .............................................................................................................................................. 5

Appendix 1 – List of equivalent countries and risk countries .................................................................. 8

Appendix 2 – Detailed list of required documentation per investor type and level of due diligence ....... 8

I - Simplified due diligence ...................................................................................................................... 8

Listed Company (whose securities are traded on a regulated market) in an Equivalent Country .......... 8 Regulated bank or financial institution (including insurance companies) in an Equivalent Country ....... 9 Subsidiary of a parent company which qualifies as regulated bank or financial institution including insurance companies in an Equivalent Country ...................................................................................... 9 Regulated UCI in an Equivalent Country............................................................................................... 10 Regulated Pension Plan/ Pension Scheme/ Retirement Plan/ Occupational Pension Scheme based in an Equivalent Country ........................................................................................................................... 10 Self-Intended Pension Plan (SIPP) based in an Equivalent Country .................................................... 11 Public body under a provision of the Treaties of the European Communities or under an Act adopted by an institution of the European Communities ..................................................................................... 11 II Standard and enhanced due diligence ............................................................................................... 12 Natural person ....................................................................................................................................... 12 Corporate entity ..................................................................................................................................... 13 Partnership (“LP”) .................................................................................................................................. 14 Fund (UCI, mutual investment fund) ..................................................................................................... 15 Pension Plan/ Pension Scheme/ Retirement Plan based in an Equivalent Country ............................. 17 Trust....................................................................................................................................................... 17 Registered Charity (in the UK, registered charities are supervised by the Charity Commission for England and Wales) .............................................................................................................................. 18 Charity or foundation based in an equivalent country ........................................................................... 19 Public body, supra-national organisation, government, local authority, public university ..................... 20 Private university, school, college ......................................................................................................... 21 Clubs and societies ............................................................................................................................... 22

Appendix 3 – AML comfort letter – Third Party Introducer .................................................................... 23

Appendix 4 – AML Letter for nominee .................................................................................................. 26

Appendix 5 – AML Letter for Mother company of the nominee ............................................................. 28

Appendix 6 – Wolfsberg Questionnaire ................................................................................................. 31

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Definitions

AML Anti-Money Laundering

AML-CTF Anti-Money Laundering and counter terrorism financing

AML-CTF rules and regulations

Anti-Money-Laundering and counter terrorism financing laws and regulations

Beneficial Owner/ Beneficiary Any natural person who ultimately, directly or indirectly, owns or controls, de facto or de jure a legal person or legal arrangement and/or any natural person on whose behalf a transaction or activity is being conducted. The beneficial owner shall at least include:

(a) in the case of corporate entities:

(i) any natural person who ultimately owns or controls a legal entity through direct or indirect ownership or control over a sufficient percentage of the shares or voting rights in that legal entity, including through bearer share holdings, other than a company listed on a regulated market that is subject to disclosure requirements consistent with Community legislation or subject to equivalent international standards; a percentage of more than 25% shall be deemed sufficient to meet this criterion;

(ii) any natural person who otherwise exercises control over the management of a legal entity:

(b) in the case of legal entities, such as foundations and legal arrangements, such as trusts, which administer and distribute funds:

(i) where the future beneficiaries have already been determined, any natural person who is the beneficiary of 25% or more of the property of a legal arrangement or entity;

(ii) where the individuals that benefit from the legal arrangement or entity have yet to be determined, the class of persons in whose main interest the legal arrangement or entity is set up or operates;

(iii) any natural person who exercises control over 25% or more of the property of a legal arrangement or entity

CSSF Commission de Surveillance du Secteur Financier – the Luxembourg regulator of the financial sector

CTF Counter terrorism financing

Directive 2005/60/EC Directive of 26 October 2005 of the European Parliament and of the Council on the prevention of the use of the financial system for the purpose of money laundering and terrorist financing

EFA European Fund Administration S.A.

Equivalent Country A country considered to have implemented AML rules and regulations which are equivalent to those applicable in Luxembourg (please refer to appendix1)

KYC Know Your Customer

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Luxembourg The Grand Duchy of Luxembourg

Mother Company Certification AML comfort letter executed by a parent company qualifying as regulated bank or financial institution (within the meaning of article 3 of the Directive 2005/60/EC including insurance companies) in an Equivalent Country that certifies that it has put in place AML-KYC procedures at group level that are compliant with the requirements of the jurisdiction in which the parent company is regulated and that its subsidiaries are obliged to comply with such AML/KYC group policy (see example in appendix 5)

Nominee Investor An intermediary who is subscribing shares in its own name but who is acting for and on behalf of its customers

PEP Politically Exposed Person, shall mean a natural person who has been entrusted with a prominent public function and an immediate family member or person known to be a close associate of such person

Profiling Information on the investor’s and eventually the related third parties’ economic background, source of funds, (planned) investment behaviour

Reliable Third Party Third Party Introducer

Risk Country A country considered to represent a specific risk in relation to AML-CTF (please see list of Risk Countries in appendix 1)

Third Party Introducer A credit or financial institution within the meaning of article 3 of the Directive 2005/60 EC established in a member State as well as a person from a Member State listed in article 2(1) (3) (a) to (c) of said Directive or credit institutions or equivalent persons situated in an Equivalent Country that is regulated, supervised, has implemented measures to comply with customer due diligence measure and that has committed to provide copies of identification data and other relevant documentation upon request

UCI Undertakings for Collective Investments

Wolfsberg Questionnaire The document under appendix 6

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Introduction

EFA is a regulated professional of the financial sector in Luxembourg specialised in providing central administration and registrar and transfer agency services to UCIs. As such it is subject to Luxembourg AML-CTF rules and regulations in particular the law of 12 November 2004 as amended, on the fight against money laundering and terrorist financing and related regulation which is primarily based on European Union law especially Directive 2005/60/EC. Furthermore, EFA’s Compliance with those rules and regulation is supervised by the CSSF.

As a result of its appointment as register and transfer agent of a UCI,EFA is in charge of AML KYC obligations for investors subscribing into such UCI under the ultimate responsibility of the UCI’s board of directors and/or management company/ AIFM. Consequently, EFA needs to obtain all relevant information and documentation to properly perform the AML KYC due diligence measures in connection with the potential UCI’s investors. Depending on certain criteria such as the type of investor, country of origin or origin of the money invested etc., a different level of due diligence may be applied. Moreover, the identification and verification measures which are actually performed by EFA are also depending on the way investors enter into a business relationship with the relevant UCI, e.g. direct relationship or use of different distribution channels. Thus, the specific documentation to be provided for KYC purposes may vary from one case to another.

In relation to the foregoing it is to be noted that EFA will generally have to fully identify and verify the identity of direct investors and their Beneficial Owners, as the case may be. The same applies also to all investors/Beneficiaries who have been introduced by an intermediary qualifying as Third Party Introducer.

In such case, the following information needs to be gathered in order to comply with applicable AML-CTF rules and regulations: For investors appearing in the register of shareholders who are natural persons:

• Surname and first name • Place and date of birth

• Nationality

• Address (residential)

• If available, official national identification number

• Information on the origin of the investor’s funds and types of transactions for which the investor seeks a business relationship.

For investors appearing in the register of shareholders who are legal persons or legal arrangements: • Name and legal form

• Registered office address

• If available, official national identification number

• Managers (for legal persons) and directors or persons exercising similar positions (for legal arrangements)

• Provisions governing the powers to engage the legal person or legal arrangement

• Authorisation to enter into relations • Information on the origin of the investor’s funds and types of transactions for which the

investor seeks a business relationship.

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For Beneficial Owners: • Surname and first name

• Place and date of birth

• Nationality

• Address (residential)

• If available, official national identification number • If applicable: Information on the origin of the Beneficiary’s funds.

The verification of the identity of direct investors, Beneficiaries and representatives of the investor (e.g. members of the board of directors or authorised signatories) who are natural persons must be carried out at least by means of an official identification document which is valid, issued by a public authority and contains the persons signature and photograph (such as a passport, identity card or residence permit) On the basis of the evaluation of the risk inherent to such person additional verification measures, such as the verification of the address indicated by the investor through the proof of address or by contacting the investor, among others, per registered letter with acknowledgement of receipt, shall be taken.

The verification of the identity of direct investors who are legal persons or legal arrangements must be carried out at least by means of the last coordinated or up-to-date articles of incorporation (or an equivalent incorporation document), a recent and up-to-date excerpt from the companies register (or equivalent supporting evidence), a list of authorised signatures and eventually a list of directors (if not already included in the other documents) as well as a list of shareholders and the most recent management report and annual accounts, as the case may be certified by an authorised auditor. On the basis of the evaluation of the risk inherent to such investor additional verification measures, such as the verification (after consulting the companies register or any other source of professional data) that the company was not or is not subject to a dissolution, deregistration, bankruptcy or liquidation; the verification of the information collected from independent and reliable sources such as, among others, public and private databases or contact with the company through, among others, registered letter with acknowledgement of receipt.

When investors are introduced by a regulated entity qualifying as Third Party Introducer, EFA will still have to collect the before listed information. However, provided the Third Party Introducer commits in writing to provide the documentation collected for the purposes of verifying the investors/ Beneficiaries identity upon request (please refer to appendix 3– AML Comfort Letter - Third Party Introducer), EFA does not systematically need to receive a copy at the time of the account opening. In such case EFA will satisfy itself that the Third Party Introducer is trustworthy by performing regular “spot checks” as to know EFA will select a certain number of investors/Beneficiaries for whom EFA will ask for the identification documentation on an ad hoc basis.

Finally, regarding Nominee Investors, it is to be noted that only the following entities are accepted as Nominees and, therefore, as investors:

(1) Nominees established in an equivalent country and subject to a prudential supervision by a competent supervisory authority;

(2) Nominees which are part of a regulated financial group and whose parent company is in an equivalent country and which imposes equivalent AML/CTF rules to those laid down in the AML/CTF Regulations.

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Prior to accepting a Nominee, EFA checks that in accordance with the AML/CTF Regulations, the responsibilities for identifying the persons on behalf of whom the Nominee acts are ensured by the Nominee which confirms to EFA by signing an AML/CTF letter and to the extent possible a Wolfsberg Questionnaire, where applicable. EFA does not proceed to the identification or the checking of the identification of the persons on behalf of whom the Nominees acts.

In appendix 2 you will find a more detailed list of the documents that need to be received (either immediately or on a spot check basis upon request) per investor type and risk associated to the investor. However, depending on the specific situation of the investor additional documentation may be requested. So please do not hesitate to contact us if your particular type of investor does not fit in the proposed boxes should you have any further question relating to the listed requirements.

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Appendix 1 – List of equivalent countries and risk countries

Please contact us in order to obtain the last version of the List of equivalent countries and risk countries.

Appendix 2 – Detailed list of required documentation per investor type and level of due diligence I - Simplified due diligence Simplified due diligence measures may be applied to entities mentioned in the article 3-1 of Law of 12 November 2004. It could be the case when the investor is a regulated credit institution or financial institution within the meaning of article 3 of Directive 2005/60/EC of a Member State or an Equivalent Country or a listed company traded on a regulated stock exchange of such country for which no specific risk indicators have been detected. In such cases the customer due diligence measures with regard to the identification of the investor/ Beneficiary and the verification of their identity may be reduced provided that sufficient information to determine whether the investor meets the before mentioned requirements has been gathered. As a result of the application of simplified due diligence measures, it is not necessary to receive originals or certified true copies (except for AML comfort letters) – simple copies of the below listed documentation are acceptable. Moreover, it is in principle not mandatory to collect information and documentation on the Beneficiary. However, EFA needs to get assurance that the investors itself has properly identified underlying customers/investors and, where applicable, Beneficial Owners especially when the investor is acting as Nominee Investor. Regarding the on-going due diligence duties it is to be noted that the relevant information and documentation needs to be updated according to the frequency determined in our AML/KYC internal procedure for Low Risk investor.

Listed Company (whose securities are traded on a regulated market) in an Equivalent

Country

Investing on its own behalf

proof of listing on a regulated stock exchange in an Equivalent Country (e.g. stock exchange print out)

information/application form duly filled in and signed (including the confirmation that the investor acts on its own behalf)

self-certification FATCA and CRS Form (if not included in the Information Form/Application Form)

list of authorised signatories (including specimen signatures)

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Regulated bank or financial institution (including insurance companies) in an Equivalent Country


proof of regulation in an Equivalent Country




Investing as Nominee


information/application form duly filled in and signed (including the confirmation that the investor acts on behalf of underlying investor(s))


original AML comfort letter confirming that (cf. appendix 4):

- the investor has put in place AML-KYC procedures that are compliant with the requirements of the jurisdiction in which the investor is regulated,

- the investor has applied such AML-KYC procedures to all of its clients

Wolfsberg Questionnaire duly filled in and signed (if available)


Subsidiary of a parent company which qualifies as regulated bank or financial institution including insurance companies in an Equivalent Country

Investing as Nominee

Regarding the investor

excerpt from trade register, certificate of incorporation / registration (or equivalent document) (dated no more than 6 months ago)




Regarding the parent company


AML Letter for Mother Company of the nominee (cf. appendix 5) duly filled in and signed. This AML letter aimed at, amongst other, confirming that:

- the investor has put in place AML-KYC procedures that are compliant with the requirements of the jurisdiction in which the parent company is regulated, - the investor has applied such AML-KYC procedures to all of its clients

Wolfsberg Questionnaire duly filled in and signed (if available) list of authorised signatories (including specimen signatures)

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Regulated UCI in an Equivalent Country





beneficial owner declaration duly completed and signed (if not included in the Information Form/Application Form)


prospectus/ offering memorandum (or equivalent document)


obtain from the Board of the Fund or its Management Company the confirmation that there is no investor holding more than 25%. In case there are investors holding more than 25%, obtain from the Board of the Fund or its Management Company the identity of the Beneficial Owners (as to know those who own control or benefit from at least 25% of the shares / units) if applicable.

*Information could be confirmed in the AML comfort letter requested to the Transfer Agent Regarding its Transfer Agent (KYC responsible entity)


original AML comfort letter


Regulated Pension Plan/ Pension Scheme/ Retirement Plan/ Occupational Pension Scheme based in an Equivalent Country




Copy of the pension plan rules or equivalent documents.




trust deed (or scheme rules) in order to confirm the 2 following points in respect of the Scheme:

a) retirement benefits to employees are made by way of deduction from wages

and

b) the scheme rules do not permit assignment of a member’s interest under the scheme

Pension Plan/ Pension Scheme/ Retirement Plan which are not corresponding to the above definition should be subject to adequate due diligence in line with their business structure / legal form, after consultation with the Compliance Department.

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Self-Intended Pension Plan (SIPP) based in an Equivalent Country






trust deed (or scheme rules)

Regarding scheme administrator (KYC responsible entity)


original AML comfort letter


Public body under a provision of the Treaties of the European Communities or under an Act adopted by an institution of the European Communities


proof that the investor is a public body in an Equivalent Country i.e.:

- that has been entrusted with public functions under a provision of the Treaties of the European Communities or under an Act adopted by an institution of the European Communities;

- the identity of the body is publicly available, transparent and certain; - the activities of the body and its accounting practices are transparent and - the body is either accountable to an institution of the European Communities or to a public

authority of a Member State

information/application form duly filled in and signed (including the confirmation that the investor acts on its own behalf



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II Standard and enhanced due diligence

Standard due diligence measure must be applied if the investor is a natural person or any other investor rated as medium risk according to the AML/CTF risk assessment. Investors (including natural person) who have been assessed as high risk investors need to comply with the additional requirements for enhanced due diligence measures.

As a general rule:

- for natural investors who have been assessed as low risk investor: Except for Information / application form, simple copies might be sufficient if the payment for the initial subscription has been drawn from an account opened in the name of the investor at a regulated bank in an Equivalent Country. Otherwise documentation has to be provided as originals or certified true copies;

- for investors who have been assessed as medium and high risk investor: the required

documentation must be provided as originals or certified true copies along with proof of payment which is mandatory.

In this context, it is to be noted that EFA only accepts the following persons to establish certified true copies from the originals:

• Regulated banks or financial institutions (within the meaning of article 3 of the Directive 2005/60/EC including insurance companies) or other professionals of the financial sector that are subject to authorisation from and supervision by financial regulator in an Equivalent Country

• Members of a regulated activity (such as a lawyers, solicitors, chartered accountants) in an Equivalent Country as long as independent proof of such membership has been established

• Officer of a public authority (e.g police, town hall), an embassy or consulate, a notary

The acceptance of high risk investors is subject to the approval from the Chief Compliance Officer (or its senior delegate) and/or as the case may be the AML Committee. Moreover, the identification and verification process must be completed at the time of the account opening for this type of investor in any case.

Regarding the on-going due diligence duties it is to be noted that the relevant information and documentation needs to be updated according to the frequency determined in our AML/KYC internal procedure. This frequency is depending of the level of risk of the investor.

Natural person

Standard due diligence requirements




valid identification document showing the investor’s photo and signature (such as ID card or

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passport)

proof of payment of the subscription money (geographic origin of the funds invested) – generally to be obtained from the custodian to confirm the equivalent country origin of the payment:

- optional* for investor who has been assessed as low risk investor

(*) If you have the proof that the payment is made from an account based in an equivalent country at the account opening, then simple copies of the listed documentation will be sufficient to allow account opening. If not, you must receive CTC.

- mandatory for investor who has been assessed as medium risk investor

information on the economic background / origin of wealth of the investor

Additional documentation in case of enhanced due diligence

proof of residence (e.g. copy of utility bill or delivery receipt of registered mail sent to the investor). Any other means of confirmation, such as corroboration of different information obtained from independent sources on the web must be discussed with the Compliance department before being accepted as an alternative to the above.

verification of income sources, funds and wealth identified through appropriate measures such as recommendation letter from a bank where the investor maintains a bank account

Corporate entity

As to know: companies that are neither regulated by a supervisory body nor listed on a regulated stock exchange of an equivalent country (such as commercial companies: LLC, S.A., S.à r.l., GmbH, Ltd, holding companies, family offices, etc.).




beneficial owner declaration duly completed and signed (if not included in the information/application form)


proof of payment of the subscription money (geographic origin of the funds invested) – generally to be obtained from the custodian to confirm the equivalent country origin of the payment

excerpt from trade register, certificate of incorporation / registration (or equivalent document) (dated no more than 6 months ago) together with a certificate of good standing (if available)

memorandum and articles of association (or equivalent document)

latest financial statements

list of administrators/ managers/ directors (if not included in the Information Form/Application Form)

list of legal representatives (i.e. list of authorised signatories (including specimen signatures))

valid identification document of the administrators/ managers/ directors and legal representatives (such as ID card or passport) (at least of those operating on the account)

shareholder register (or equivalent document including identity and respective percentage of ownership of shareholders)

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Regarding each shareholder

If the shareholder is not a natural person, then it must be identified following the respective categories it belongs to and which are described in this document. This is valid for each level of shareholder until you reach the UBO who must be a natural person.

Regarding each Ultimate Beneficial Owner (UBO)

details and identification documents of the UBO (according to the natural person section)


detailed structure chart of the corporate entity including the names and respective ownership percentages of all intermediate entities up to the ultimate beneficial owners,

latest financial statements signed by the external auditor (or any other equivalent document)

verification of information gathered from independent reliable sources

Partnership (“LP”)







information on the economic background of the investor – in principle annual accounts or activity report

partnership agreement or equivalent constituting document

list/ details of all partners (or equivalent document including identity and respective percentage of ownership)

certificate of incorporation / registration (or equivalent document) (dated no more than 6 months ago)

Regarding the general partner (or, where not existing, at least the partners/ signatories operating on the account according to their person type)

valid identification documents

Regarding each Ultimate Beneficial Owner (UBO)

details and identification documents of the UBO (according to the natural person section)


latest financial statements signed by the external auditor (or any other equivalent document) detailed structure chart of the LP including the names and respective ownership percentages of

all intermediate entities up to the ultimate beneficial owners


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Fund (UCI, mutual investment fund)

This section is applicable for all non-regulated funds and for regulated funds in non-equivalent countries.



1. For fund being a corporate entity


beneficial owner declaration duly completed and signed (if not included in the information form)





prospectus/ offering memorandum (or equivalent document)

memorandum and articles of association/ management regulations or equivalent document

excerpt from trade register, certificate of incorporation if organised as corporate entity (or equivalent document) (dated no more than 6 months ago) if organised as corporate entity

list of current shareholders

obtain from the Board or the Management body the confirmation that there is no shareholder which could be qualified as “Beneficial Owners” In case there are shareholders which could be qualified as beneficial owner, obtain from the Board or the Manco the identity of the Beneficial Owners if applicable

2. For fund without legal personality






prospectus / offering memorandum / management regulations (or equivalent document)

list of current unit holders

obtain from the Board or the Management body the confirmation that there is no unitholders which could be qualified as “Beneficial Owners” In case there are unitholders which could be qualified as beneficial owner , obtain from the Board or the Manco the identity of the Beneficial Owners if applicable

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Regarding its Management body (General Partner or any similar entity)

memorandum and articles of association/ management regulations or equivalent document

excerpt from trade register, certificate of incorporation if organised as corporate entity (or equivalent document) (dated no more than 6 months ago) if organised as corporate entity

list of authorised signatories (including specimen signatures) list of shareholders

Regarding its Transfer Agent (KYC responsible entity - except where the TA is EFA: in that case add the copy of the EFA agreement into the KYC file. )

proof of regulation

AML comfort letter from administrator/ transfer agent/ entity carrying out the AML/KYC checks which needs to be a regulated entity in an Equivalent Country indicating the identity (details) of the Beneficiaries all by granting access to their identification documentation

list of legal representatives (i.e. list of authorised signatories) (including specimen signatures)


When the investor represents a high risk of money laundering according to the risk assessment this type of investor is not accepted by EFA especially in case of an open-ended fund. For any further information please contact the Compliance Department of EFA.

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Pension Plan/ Pension Scheme/ Retirement Plan based in an Equivalent Country






constitutional/ formation document/ deed of the pension plan or scheme rules

details/ list of directors/ governors/ trustees

identification documents of the directors/ governors/ trustees (at least those two operating on the account)


Trust






information on the economic background of the investor – in principle latest financial statements signed by the auditor or activity report

list of authorised signatories of the trustee (including specimen signatures)

trust deed or equivalent document

list/ details of the trustees

identification documents of the trustees/signatories (at least those operating on the account) according to their person type

current list of the Beneficiaries

details and identification documents of the Beneficiaries according to their person type

details and identification documents of the settlor and/or as the case may be protector according to their person type


detailed structure chart of the trust including the names and respective ownership percentages of all intermediate entities up to the ultimate beneficial owners

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Registered Charity (in the UK, registered charities are supervised by the Charity Commission for England and Wales)


proof of registration





information on the economic background of the investor – in principle latest financial statements signed by the auditor, if available or activity report


memorandum and articles of association (or equivalent document), if not incorporated proof of existence to be provided (e.g. act of constitution, decree, publication in official gazette )

excerpt from trade register, certificate of incorporation/ registration (or equivalent document) (dated no more than 6 months ago)

details/ list of trustees/ directors/ governors/ board members or equivalent

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Charity or foundation based in an equivalent country

Enhanced due diligence






list of authorised signatories (including specimen signatures) (if applicable)

excerpt from trade register, certificate of incorporation if organised as corporate entity (or equivalent document) (dated no more than 6 months ago)

memorandum and articles of association (or equivalent document), if not incorporated proof of existence to be provided (e.g. act of constitution, decree, publication in official gazette )

details/ list of trustees/ directors/ governors/ board members or equivalent

identification documents of the trustees/ directors/ governors/ board members or equivalent (at least of those operating on the account) according to their person type

details and identification documents of the beneficiaries (where ascertainable) according to their person type

detailed structure chart of the charity/ foundation including the names and respective ownership percentages of all intermediate entities up to the ultimate beneficial owners,


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Public body, supra-national organisation, government, local authority, public university







list of authorised signatories (including specimen signatures) memorandum and articles of association. If not incorporated, proof of existence to be provided (e.g. act of constitution, decree, publication in official gazette )

excerpt from trade register, certificate of incorporation if organised as corporate entity (or equivalent document) (dated no more than 6 months ago) if applicable list of appointed directors / details of main public bodies’ officials

identification documents of directors and authorised signatories (at least those operating on the accounts) according to their person type


When the investor represents a high risk of money laundering according to the risk assessment this type of investor is not accepted by EFA. For any further information please contact EFA’s Compliance Officer.

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Private university, school, college







list of authorised signatories (including specimen signatures) memorandum and articles of association or equivalent proof of existence (e.g. act of constitution, decree, publication in official gazette )

excerpt from trade register, certificate of incorporation if organised as corporate entity (or equivalent document) (dated no more than 6 months ago) (if applicable)list of appointed directors/details of main officials

identification documents of directors and authorised signatories (at least those operating on the accounts) according to their person type

determine ownership of entity

identification documents of the beneficial owners (where ascertainable)



detailed structure chart of the entity including the names and respective ownership percentages of all intermediate entities up to the ultimate beneficial owners

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Clubs and societies

Enhanced due diligence only





information on the economic background of the investor – in principle copy of latest financial statements signed by the auditor, if available or activity report

if available, excerpt from official register (dated no more than 6 months ago)/confirmation of legal status

memorandum and articles of association / constitutional document


list/details of appointed directors/ representatives/ officers

identification documents of the appointed directors and authorised signatories (at least of those two operating on the account) according to their person type

details and identification documents of the Beneficiaries according to their person type


detailed structure chart of the entity including the names and respective ownership percentages of all intermediate entities up to the ultimate beneficial owners

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Appendix 3 – AML comfort letter – Third Party Introducer

[name of third party introducer ] [Address of third party introducer] [Address of third party introducer] [address of third party introducer]

EFA Luxembourg S.A. Attn: AML/KYC Department, P.O. Box 1725 L-1017 Luxembourg LUXEMBOURG

Re: Certification of policies relating to the fight against money laundering and terrorist financing in relation to the investors introduced by us in the following investment vehicle(s):

[List here the name(s) of the investment vehicle(s) concerned]

Dear Sirs,

We hereby confirm that [name of third party introducer], as Professional of the Financial Sector in [name of country] with registered office address at [address of third party introducer], is organized under the laws of [name of country] and is regulated by [name of regulator]. We are a financial/credit [delete as appropriate] institution located in a country that has implemented laws, rules and/or regulations on the fight against money laundering and terrorist financing (hereafter “AML Regulation”) in line with the recommendations of the Financial Action Task Force and/or the Directive 2005/60/EC of the European Parliament and of the Council of 26 October 2005 on the prevention of the use of the financial system for the purpose of money laundering and the commission Directive 2006/70/EC of 1 August 2006. As a result we have put in place know your customer policies and procedures (hereinafter “KYC Procedures”) and perform transaction controls.

In respect to the above we furthermore confirm that in accordance with the standards of a prudent professional and the applicable laws of the jurisdiction in which we are regulated:

1. we have access to and verify to the extent required by AML Regulation, (i) the identity, including true name and proof of current permanent residence of all clients for which we are/will be acting as intermediary, (ii) the identity of all other persons acting for and on behalf of such clients, (iii) the identity of all other persons for whom such clients act as nominee as well as (iv) the identity of any other person having a beneficial interest in the investment registered in the name of one of such clients (altogether “Client” or “Clients”);

2. in the event that the Client is a legal entity, we use all reasonable efforts, as required by our AML Regulation, to obtain constitutional documents, a list and documentation of identification of directors and executive officers (or identifying information pertaining to these directors and officers), and evidence that the persons executing any documents on behalf of the Client are properly authorized to do so;

3. in the event of any modification in the structure of the entity or change of economical beneficiary of the Client, we will update the aforementioned identification documentation accordingly;

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4. we will immediately provide you with (i) the name, first name, place and date of birth, nationality and address of any Investor being a natural person, (ii) the name, legal form, address of the head office (and if different, address of one of the main places of activity), managers and directors or persons exercising similar positions, provisions governing the powers to engage the legal person or arrangement and authorization to enter into relations of any Investor being a legal person or legal arrangement (iii) the purpose and intended nature of the business relationship including information on the origins of the Investor’s fund and the types of transactions for which the Investor seeks a business relationship and (iv) with the FATCA and CRS status of the client; in case of any modification of the above we will provide EFA with the relevant updated information without delay.

5. our Chief Compliance Officer will confirm to EFA on an annual basis that the information and data maintained according to the above-mentioned paragraphs are accurate and up-to-date.

6. we will retain the necessary identification documentation of any Client for a period of at least five years from the end of the commercial relationship with the Client (date of last transaction);

7. copies of all relevant identification documentation of the Clients retained by us will be made available to EFA upon request without delay;

8. we confirm that none of the Clients is named on a list of prohibited countries, territories, entities and individuals maintained by the [name of regulator] or the [name of country] prosecutor; we have procedures in place for the identification and monitoring of prohibited countries, territories, entities and individual lists.

9. we will inform you immediately if any Client is (i) a senior political figure, (ii) an immediate family member

or close associate of a senior political figure (together referred to as PEP) or (iii) an entity owned or controlled by a current or former PEP(on a risk based approach, former PEP are still considered as PEP for at least 12 months following the end of their prominent public function); We have procedures in place for the identification and monitoring of PEPs and where identified enhanced customer due diligence is conducted on that client;

10. we will immediately inform the competent authority in [name of country] if we become aware that a Client is engaging/engaged in activities which lead us to believe that the investment related to such Client is involved in money laundering or terrorist financing and inform you as soon as possible provided our national legislation allows us to do so;

11. we will immediately inform EFA in the event that our status as regulated entity [name of regulator] has been changed;

12. we will immediately provide EFA with an updated authorized signatories at least once in a three years time and in any case each time there is a material change to such list. Consequently, we agree that EFA shall not be held liable for any loss or damages resulting from the execution of an instruction received from a former authorized signatory, for whom the change has not been communicated to EFA;

13. we further confirm that we have an established relationship with the introduced clients and that we do not rely on another third party introducer. We confirm that we consent to EFA to rely on us for the performance of the KYC Procedures.

14. we authorize EFA to accept and execute any client’s order (transactions and all other instructions) we transmit by fax until written notice of the contrary. All risk, e.g. those arising from an error in communication or comprehension as well as those arising from fraud, resulting from the use of this communication mean will be assumed by us relieving EFA from any and all responsibility in this respect.

Yours sincerely,

Name : _______________________________ ________________________________

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Position: _______________________________ ________________________________

Date : _______________________________ ________________________________

Signature: _______________________________ ________________________________

On behalf of (name of third party introducer)

A. Please add the latest version of your Authorized Signatures List in original, certified copy or PDF File

B. Please attached to this confirmation letter a duly completed and signed Wolfsberg Questionnaire which is available on the following website:

http://www.wolfsberg-principles.com/diligence.html

C. Please indicate the name and contact details of your Chief Compliance Officer.

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Appendix 4 – AML Letter for nominee [name of nominee] [address of nominee] [address of nominee] [address of nominee]

EFA Luxembourg S.A.

Attn: Register and Transfer Agency / Shareholder Services P.O. Box 1725 L-1017 Luxembourg LUXEMBOURG

Re: Certification of policies relating to the fight against money laundering and terrorist financing of [name of nominee] acting as a nominee investor within [name of fund]

Dear Sirs,

We hereby confirm that [name of nominee], as Professional of the Financial Sector in [name of country] with registered office address at [address of nominee], is organized under the laws of [name of country] and is regulated by [name of regulator].

We are a financial/credit [delete as appropriate] institution located in a country that has implemented laws, rules and/or regulations on the fight against money laundering and terrorist financing (hereafter “AML Regulation”) in line with the recommendations of the Financial Action Task Force and/or the Directive 2005/60/EC of the European Parliament and of the Council of 26 October 2005 on the prevention of the use of the financial system for the purpose of money laundering and the commission Directive 2006/70/EC of 1 August 2006. As a result we have put in place know your customer policies and procedures (hereinafter “KYC Procedures”) and perform transaction controls.

In respect to the above we furthermore confirm that in accordance with the standards of a prudent professional and the applicable laws of the jurisdiction in which we are regulated:

1. we have access to and verify to the extent required by AML Regulation, (i) the identity, including true name and proof of current permanent residence of all clients for which we are/will be acting as nominee, (ii) the identity of all other persons acting for and on behalf of such clients, (iii) the identity of all other persons for whom such clients act as nominee as well as (iv) the identity of any other person having a beneficial interest in the investment registered in the name of one of such clients (altogether “Client” or “Clients”);

2. in the event that the Client is a legal entity, we use all reasonable efforts, as required by our AML Regulation, to obtain constitutional documents, a list and documentation of identification of directors and executive officers (or identifying information pertaining to these directors and officers), and evidence that the persons executing any documents on behalf of the Client are properly authorized to do so;

3. in the event of any modification in the structure of the entity or change of economical beneficiary of the Client, we will update the aforementioned identification documentation accordingly;

4. we will retain the necessary identification documentation of any Client for a period of at least five years from the end of the commercial relationship with the Client (date of last transaction);

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5. we confirm that none of the Clients is named on a list of prohibited countries, territories, entities and individuals maintained by the [name of regulator] or the [name of country] prosecutor; we have procedures in place for the identification and monitoring of prohibited countries, territories, entities and individual lists;

6. we do further represent and warrant that we have put appropriate internal control mechanisms in place in order to (i) identify a senior political figure, an immediate family member or close associate of a senior political figure (together referred to as PEP) or an entity owned or controlled by a current or former PEP (on a risk based approach, former PEP are still considered as PEP for at least 12 months following the end of their prominent public function); (ii) monitor abnormal transaction, such as for instance complex transactions which have no apparent economic purpose or repetitive subscription, redemption or transfer of shares from the same Clients; (iii) enable a procedure of escalation in order to report indication of money laundering and suspicious transactions to local competent authorities. We have procedures in place for the identification and monitoring of PEPs and where identified enhanced customer due diligence is conducted on that client;

7. we will immediately inform the competent authority in [name of country] if we become aware that a Client is engaging/engaged in activities which lead us to believe that the investment related to such Client is involved in money laundering or terrorist financing and inform you as soon as possible provided our national legislation allows us to do so;

8. we will immediately inform EFA in the event that our status as regulated entity with the [name of regulator] has been changed;

Yours sincerely,

Name : _______________________________ ________________________________

Position : _______________________________ ________________________________

Date : _______________________________ ________________________________

Signature: _______________________________ ________________________________

On behalf of [name of nominee]





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Appendix 5 – AML Letter for Mother company of the nominee

[name of mother company of the nominee] [address of mother company of the nominee] [address of mother company of the nominee] [address of mother company of the nominee]

EFA Luxembourg S.A.

Attn: Register and Transfer Agency / Shareholder Services P.O. Box 1725 L-1017 Luxembourg LUXEMBOURG Attention: Shareholder Services

Tel: +352.48.48.80.567 Fax: +352.48.65.61.8002

Re: Certification of policies relating to the fight against money laundering and terrorist financing of [name of nominee] acting as a nominee investor within [name of fund]

Dear Sirs,

We hereby confirm that [name of mother company of the nominee], as Professional of the Financial Sector in [name of country] with registered office address at [address of mother company of the nominee], is organized under the laws of [name of country] and is regulated by [name of regulator].

We are a financial/credit [delete as appropriate] institution located in a country that has implemented laws, rules and/or regulations on the fight against money laundering and terrorist financing (hereafter “AML Regulation”) in line with the recommendations of the Financial Action Task Force and/or the Directive 2005/60/EC of the European Parliament and of the Council of 26 October 2005 on the prevention of the use of the financial system for the purpose of money laundering and the commission Directive 2006/70/EC of 1 August 2006. As a result we have put in place know your customer policies and procedures (hereinafter “KYC Procedures”) and perform transaction controls. We impose to our Branch/Subsidiary similar requirements. In respect to the above we furthermore confirm that in accordance with the standards of a prudent professional and the applicable laws of the jurisdiction in which we are regulated:

1. Our branch / subsidiary has access to and verify to the extent required by AML Regulation, (i) the identity, including true name, proof of current permanent residence and occupation of all clients subscribing into the Fund and for which we are/will be acting as nominee, (ii) the identity of all other persons acting for and on behalf of such clients, (iii) the identity of all other persons for whom such clients act as nominee as well as (iv) the identity of any other person having a beneficial interest in the investment registered in the name of one of such clients (altogether “Client” or “Clients”);

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Particularly, we hereby represent and warrant that our Branch/Subsidiary has put appropriate internal control mechanisms and procedures in place [and is bound according to local laws and regulations against money laundering] in order to obtain for each Client:

- a standard account opening form, duly completed, signed and dated; - i) for private individuals official identification document (e.g. passport, identification card, …), keeping a copy of such document on file and ensuring that it indeed pertains to the investor and that it is an authentic and official identification document; (ii) for legal entity, corporations or trusts constitutional documents (articles of incorporation or memorandum of association), an extract from the relevant trade register (if applicable), a list and documentation of identification of directors and executive officers (or identifying information pertaining to these directors and officers), and evidence that the persons executing any documents on behalf of the Client are properly authorized to do so and business license if applicable;

2. in the event of any modification in the structure of the entity or change of economical beneficiary of the Client, our branch / subsidiary will update the aforementioned identification documentation accordingly;

3. our branch / subsidiary will retain the necessary identification documentation of any Client for a period of at least five years from the end of the commercial relationship with the Client (date of last transaction). This documentation may be made available to the Fund or its Luxembourg registrar and transfer agent upon request when duly justified by anti money-laundering and counter terrorist financing purposes and in the context of criminal prosecution and investigations;

4. our branch / subsidiary confirms that none of the Clients is named on a list of prohibited countries, territories, entities and individuals maintained by the [name of regulator] or the [name of country] prosecutor; we have procedures in place for the identification and monitoring of prohibited countries, territories, entities and individual lists;

5. we do further represent and warrant that our branch / subsidiary has put appropriate internal control mechanisms in place in order to (i) identify a senior political figure, an immediate family member or close associate of a senior political figure (together referred to as PEP) or an entity owned or controlled by a current or former PEP (on a risk based approach, former PEP are still considered as PEP for at least 12 months following the end of their prominent public function); (ii) monitor abnormal transaction, such as for instance complex transactions which have no apparent economic purpose or repetitive subscription, redemption or transfer of shares from the same Clients; (iii) enable a procedure of escalation in order to report indication of money laundering and suspicious transactions to local competent authorities. Our branch / subsidiary has procedures in place for the identification and monitoring of PEPs and where identified enhanced customer due diligence is conducted on that client;

6. our branch / subsidiary will immediately inform the competent authority in [name of country] if we become aware that a Client is engaging/engaged in activities which lead us to believe that the investment related to such Client is involved in money laundering or terrorist financing and inform you as soon as possible provided our national legislation allows us to do so;

7. our branch / subsidiary will immediately inform EFA in the event that our status as regulated entity with the [name of regulator] has been changed.

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Yours sincerely,

Name : _______________________________ ________________________________

Position: _______________________________ ________________________________

Date : _______________________________ ________________________________

Signature: _______________________________ ________________________________

On behalf of [name of mother company of the nominee]





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Appendix 6 – Wolfsberg Questionnaire

http://www.wolfsberg-principles.com/pdf/diligence/Wolfsberg-Anti-Money-Laundering-Questionnaire.pdf

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