1. Duty of ADGM Person to obtain information in respect of beneficial owners
(1) Each ADGM Person must take reasonable steps to ascertain the true, accurate and complete identity of its beneficial owners.
(2) Subject to subsection (3), if an ADGM Person has reasonable grounds for believing that a person is or may be its beneficial owner, the ADGM Person must send a request in writing to such person requiring him:
(a) to state whether he is a beneficial owner in relation to the ADGM Person; and
(b) if so, to confirm or correct any required particulars of such person that are included in the request in writing, and to supply any that are missing.
(3) An ADGM Person is not under a duty to send a request in writing under subsection (2) if:
(a) the ADGM Person has already been informed that the person is a beneficial owner in relation to that ADGM Person; and
(b) that information was provided either by the person himself or with his knowledge.
(4) The “required particulars” has the meaning prescribed to it in section 2(5).