Legarithm Cyprus Ltd, an administrative service provider licensed by the Cyprus Bar Association, follows Law 188(I)/2007 and the Association's AML Directive. In the UAE, Legarithm Corporate Services FZCO, licensed by DIEZ, follows Federal Decree-Law No. 10 of 2025 and Cabinet Resolution No. 134 of 2025. Both verify each client's identity and assess the risk before we start.
Required Documentation
To comply with these legal obligations, we collect the following documents during our client onboarding process (additional documents may be required upon decision of the compliance department):
For Individual Clients (Directors, Shareholders, Beneficial Owners, Authorized Persons, or Trustees):
- Proof of Identity: Valid passport or national identity card.
- Proof of Residential Address: A recent utility bill (e.g., electricity, water, gas) or a bank statement issued within the last three months.
- Curriculum Vitae (CV): A detailed CV outlining professional background and experience.
- Bank Reference Letter: A letter from the individual’s bank confirming their identity and account standing.
- Tax Return: A recent tax return or equivalent document to verify financial standing.
- KYC Form: Completion of our KYC form, which includes personal details and an economic profile.
For Corporate Clients (Companies, Trusts, Foundations, or Partnerships):
1. Corporate Documents:
- 1.1 Certificate of Incorporation or Registration.
- 1.2 Memorandum and Articles of Association.
- 1.3 Certificate of Good Standing (if applicable).
2. Beneficial Ownership Information:
- 2.1 A detailed ownership structure chart leading to the ultimate beneficial owners (UBOs).
3. KYC Form for Legal Entities:
- 3.1 Completion of our KYC form for legal entities, providing contact information and an economic profile.
4. Trust Documents (if applicable):
- 4.1 Trust deed and details of trustees, protectors, and beneficiaries.
Liveness check and selfie verification
We may request you to pass a liveness check and a selfie verification as part of the onboarding process. This is processed by fully compliant providers such as SumSub.
Enhanced Due Diligence (EDD)
For clients assessed as high-risk, additional documentation may be required to verify the source of wealth and source of funds. This may include:
- Detailed financial statements.
- Documentation evidencing the origin of funds.
- Additional bank references or letters from financial institutions.
Ongoing Monitoring
In line with the Risk-Based Approach outlined in the AML Directive, we conduct continuous monitoring of client relationships to identify and report any suspicious activities promptly.
