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Article (8)

Brokerage companies and offices, shares custodians and shares registrars shall:

1. Verify all information provided by the client about himself and the instructions issued by him with respect to transactions carried out on the BSE and shall enter such information into the records and books approved by the BSE, whether such transactions were concluded in a single transaction or in several transactions, provided that such information shall include the particulars provided for in Article (6) hereof.
2. Ensure the correctness of particulars relating to any investing company, including the particulars of the owners of the company and its main shareholders.
3. Certify the genuineness of the signatures of applicants for opening accounts in favour of clients from outside the Kingdom by one of the corresponding banks, chambers of commerce, lawyers offices, or any other concerned party accredited by the BMA for the purpose of verifying the identity of the applicant.
4. Take the necessary precautions and exercise due care when dealing with investors from countries not maintaining a co-operation arrangement with the Kingdom, or which do not have integrated laws or procedures in place for the prevention or prohibition of money laundering.
5. Develop an inspection and internal auditing system for the records of companies and their entire operations in light of the applicable regulations for the prevention and prohibition of money laundering.
6. Undertake not to report or leak any information to any of its clients on any action taken or to be taken with respect to the prevention and prohibition of money laundering, under the provisions of the Prevention and Prohibition of the Money Laundering Law and its Implementing Regulations.
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