How are Multi-layered entities onboarded?
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Written by Maria Vargatu
Updated over a week ago

Depending on risk (high, med low) KYC to be completed on each business or individual in the structure with more than 25% (10% for high risk) interest in investing entity

Structure chart to more easily identify key people/entities needed to be onboarded

Structured entities with trusts involved will have more dynamic KYC requirements as the trust deed influences the underlying KYC requirements, (discretionary, non-discretionary, revocable, irrevocable etc.)

Multi-tier entities in regions without public company registries take longer to onboard as we require confirmation and certification of documents (e.g. BVI, KYI etc). Multi-layered entities in jurisdictions with public registries are easier to onboard Trust Structures

In all instances the beneficiaries of the trust must be identified. Provide the trust deed to us for review. In all cases the beneficiaries and settlor of the trust must go through KYC. We cannot accept a comfort letter from a Trustee confirming they've done the due diligence

Non-discretionary, revocable trusts are subject to an increased KYC as the beneficiaries, trustees and guardian can be changed at any point

BVI/Cayman Entities

ID/POA documents for Directors and beneficial owners of these entities need to be certified

Formation documents must be certified within the last 12 months. If nominated directors/shareholders are present we will still need to identify the true owners/controllers

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