Module: General Practice
Q50: When opening an account for a Trust, which of the following parties must be identified as part of the beneficial owner identification process?
The author of the trust
The trustees
The beneficiaries with 10 percent or more interest in the trust
Any natural person exercising ultimate effective control over the trust
The trustees
The beneficiaries with 10 percent or more interest in the trust
Any natural person exercising ultimate effective control over the trust
✅ Correct Answer: D
For a trust, the identification of beneficial owner(s) shall include identification of the author of the trust, the trustee, the beneficiaries with 10 percent or more interest… and any other natural person exercising ultimate effective control.
Trust accounts are a complex area in the IIBF AML KYC Exam 2026.
Trust accounts are a complex area in the IIBF AML KYC Exam 2026.