S.L. 16.18 Art. 12Provisions to support the functions of the Registrar for Legal Persons. Cap. 373. Cap. 373.

(1) The provision of information by foundations in accordance with these regulations to the Registrar for Legal Persons shall not imply that such foundations do not remain equally obliged to provide any information requested of them by subject persons taking customer due diligence measures in accordance with the Prevention of

Money Laundering Act and applicable regulations, as well as others entitled to such information under special laws, about such foundation and its beneficial owners.

(2) So as to ensure that the Registrar for Legal Persons is not inundated with requests under these regulations, which could be easily met by observance of basic compliance with applicable laws and so as to avoid demands on the Registrar for Legal Persons which are not eligible under these regulations:

(a) all subject persons shall deal directly with foundations and beneficial owners prior to applying to the Registrar for Legal Persons; and

(b) all foundations shall provide information about their beneficial owners, direct and indirect, to subject persons, as well as to others entitled to such information under special laws, in a timely manner, when:

(i) such subject persons are carrying out customer due diligence measures in accordance with the

Prevention of Money Laundering Act and applicable regulations; or

(ii) other persons who are seeking information from the foundation itself and who are entitled to demand, and be provided with, such information, are doing so for the purposes of special laws which are intended for the prevention, detection and combating of money laundering or the associated predicate offences or the financing of terrorism.

(3) In any case, subject persons shall not rely exclusively on the Register of Beneficial Owners to fulfil their customer due diligence requirements and access to such Register of Beneficial Owners by subject persons in terms of these regulations shall not exonerate such subject persons from all responsibilities and duties incumbent upon them in terms of applicable law.