3. Duty of ADGM Person to keep record of beneficial owners up-to-date

(1) An ADGM Person must take reasonable steps to ensure that the particulars recorded in its record of beneficial owners are true, accurate, complete and up to date.
(2) If an ADGM Person knows or has reasonable cause to believe that a relevant change has occurred to the required particulars recorded in its record of beneficial owners then, subject to subsection (3), the ADGM Person must request in writing details of the relevant change from each person whose required particulars are recorded in its record of beneficial owners and may be affected by the relevant change.
(3) A “relevant change” in relation to a person occurs if:
(a) the person ceases to be a beneficial owner in relation to an ADGM Person; or
(b) any other change occurs, as result of which the required particulars stated for the person on the record of beneficial owners are incorrect or incomplete.
(4) An ADGM Person is not required to send a request in writing under subsection (2) if:
(a) the ADGM Person has already been informed of the relevant change and of the information referred to in subsection (6)(b); and
(b) that information was provided either by the person concerned or with their knowledge.
(5) The ADGM Person must send a request in writing under subsection (2) as soon as reasonably practicable after learning of the change or first having reasonable cause to believe that the change has occurred.
(6) The request in writing must require the addressee, within the period of one (1) month beginning with the date of the request:
(a) to confirm whether or not the change has occurred; and
(b) if so:
(i) to state the date of the change; and
(ii) to confirm or correct the required particulars included in the request, and supply any that are missing from the request.
(7) On receipt of information received pursuant to the request in writing under this section, or otherwise being satisfied that a relevant change has occurred, an ADGM Person must within one (1) month amend the record of beneficial owners accordingly.