Depositary roles are governed by a variety of laws. Where TCS Depositary acts as director and/or provides an address of a legal entity that is involved in Depositary tasks, compliance has to be in accordance with the Law on trust offices (Wtt). Even if those services are not provided one has to operate within the boundaries of the Law on prevention of money laundering and financing of terrorism (Wwft). Every client – before the start of the service agreement – must have provided information on the basis of which he is either accepted or rejected. The trust office must keep this information available for inspection in the so-called Client Acceptance File. Supervisors have access to this Dossier but may only use the content thereof for their supervisory task.
This Dossier contains the following things:
- Signed Depositary agreement
- Overview of the ownership structure and identification of the ultimate beneficial owners (UBO) of the AIF and administrator. UBO’s are natural persons who have a direct or indirect interest of 25% or more in the company;
- Transparency about the origin of the UBO’s wealth;
- A copy of a legal identification document of all relevant persons (UBO’s, board members). In the event that TCS Depositary cannot itself carry out the identification legalization of these documents might be necessary;
- A summary of the investigation carried out by the trust office into the allegiance of the client and the natural person or legal entity involved.
This information should show clearly that the trust office has been able to reach the conclusion that there are no objections to entering into the new business relationship.
The information in this dossier must always be up to date.
This dossier is the property of TCS Depositary and must be kept for five years after termination of the business relationship.