Identification information - trusts and trustees (1) If under the AML-CFT Regulations or this Code, a service provider is required to identify a trust, the service provider must obtain— (a) the name of the the date of the establishment of the if applicable, an official Government issued identity number; identification information on each trustee; the mailing address of each trustee; identification information on each settlor of the and identification information on each protector or enforcer of the and confirmation from each trustee that— the trustee has provided all the information requested by the service provider; and the trustee will give the service provider updated information if there is a change. (2) For the purpose of this Code, “settlor” includes a person who, as settlor, established the trust and a person who has subsequently settled assets into the trust. (3) If a service provider determines that a business relationship or occasional transaction concerning the trust, that it is required to identify, presents a high level of risk, the service provider must obtain such additional identification information as it consider appropriate. (4) If subparagraph (3) applies, but without limiting it, a service provider must obtain identification information on— (a) each beneficiary with a vested right; and
(a) cannot be recharged, the maximum amount stored in the device is $500; or (b) can be recharged, a limit of $7,500 is imposed on the total amount that can be transacted in a calendar year, unless an amount of $2,500 or more is redeemed in that calendar year by the bearer of the device. (4) For the purposes of this paragraph, electronic money is money as represented by a claim on the issuer which— (a) is stored on an electronic device; (b) is issued on receipt of funds of an amount not less in value than the monetary value issued; and (c) is accepted as means of payment by persons other than the issuer. (5) A transfer of funds made by mobile telephone or another digital of information technology device is exempt from this Part if— (a) the transfer is pre-paid and does not exceed $1,000; or (b) the transfer is post-paid; (c) the payee has an agreement with the payment service provider permitting payment for the provision of goods and services; (d) a unique identifier, allowing the transaction to be traced back to the payer, accompanies the transfer of funds; and (e) the payment service provider of the payee is a licensee. (6) A transfer of funds is exempt if— (a) the payer withdraws cash from the payer’s own account; (b) is a debit transfer authorization between two parties permitting payments between them through accounts, provided that a unique identifier accompanies the transfer of funds to enable the transaction to be traced back; (c) it is made using a truncated cheque;
(5) If information is missing or incomplete this must be a factor in the risk-based assessment of a payment service provider of the payee as to whether a transfer of funds or a related transaction is to be reported to the Reporting Authority as a suspicious transaction or activity with respect to money laundering or terrorist financing. (6) The payment service provider of the must keep records of information received on the payer for a period of at least five years. Intermediary payment service provider (1) This paragraph applies if the payment service provider of the payer is situated outside Montserrat and the intermediary service provider is situated in Montserrat. (2) An intermediary payment service provider must ensure that the information it receives on the payer that accompanies a transfer of funds is kept with that transfer. (3) If this paragraph applies, an intermediary service provider may use a system with technical limitations to send a transfer to the payment service provider of the payee, which prevents the information on the payer from accompanying the transfer of funds. (4) If, in receiving a transfer of funds, the intermediary payment service provider becomes aware that information on the payer required under this Part is incomplete, the intermediary payment service provider may only use a payment system with technical limitations if the intermediary payment service provider (either through a payment or messaging system, or through another procedure that is accepted or agreed on between the intermediary payment service provider and the payment service provider of the payee) provides confirmation that the information is incomplete. (5) An intermediary payment service provider that uses a system with technical limitations must, if the payment service provider of the payee requests, within three working days after the day on which the intermediary payment service provider