Company: QSEA
Filing Date: 2025-02-24
Form Type: S-1
Source: 0001829126-25-001168
Chunk: 211

Company: Quartzsea Acquisition Corp
Filing Date: 2025-02-24
Form: S-1
Chunk 211
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 time (the “Regulations”) or any other applicable law. Depending on the circumstances of each application,
a detailed identification and verification of identity might not be required where:

| (a) | the subscriber makes the payment for                                                                  
 their investment from an account held in the subscriber’s name at a recognized financial institution; |

| (b) | the subscriber is regulated by a recognized                                                                                                
 overseas regulatory authority and where such authority is based or incorporated in, or formed under the law of, a recognized jurisdiction; 
 or                                                                                                                                         |

| (c) | the application is made through an                                                                                                 
 intermediary which is regulated by a recognized overseas regulatory authority and where such authority is based in or incorporated 
 in, or formed under the law of a recognized jurisdiction and an assurance is provided in relation to the procedures undertaken on  
 the underlying investors.                                                                                                          |

For the purposes of these exceptions, recognition
of a financial institution, recognized overseas regulatory authority or jurisdiction will be determined in accordance with the Regulations
by reference to those jurisdictions recognized by the Cayman Islands Monetary Authority as having equivalent anti-money laundering regulations.

In the event of delay or failure on the part of the
subscriber in producing any information required for identification and verification purposes, we may refuse to accept the application,
in which case any funds received will be returned without interest to the account from which they were originally debited.

We also reserve the right to refuse to make any payment
to a shareholder if our directors or officers suspect or are advised that the payment to such shareholder might result in a breach of
applicable anti-money laundering or other laws or regulations by any person in any relevant jurisdiction, or if such refusal is considered
necessary or appropriate to ensure our compliance with any such laws or regulations in any applicable jurisdiction.

If any person resident in the Cayman Islands knows
or suspects or has reasonable grounds for knowing or suspecting that another person is engaged in criminal conduct or money laundering
or is involved with terrorism or terrorist financing and property and the information for that knowledge or suspicion came to their attention
in the course of business in the regulated sector, or other trade, profession, business or employment, the person will be required to
report such knowledge or suspicion to (i) the Financial Reporting Authority of the Cayman Islands, pursuant to the Proceeds of Crime
Act (Revised) of the Cayman Islands if the disclosure relates to criminal conduct or money laundering, or (ii) a police officer of the
rank of constable or higher, or the Financial Reporting Authority