Anti Money Laundering

This entails that if clients are individuals they must provide photocopies of their valid passports, but if the clients are legal entities they are obligated to provide information, such as i) a Certificate of Incorporation from a competent authority, e.g.a Companies Registry, ii) Articles of Association, iii) the latest annual accounts, and iv) photocopies of valid passports of a) the Chief Executive Officer, b) persons with powers of procuration, and c) beneficial owners. Arctica Finance is obligated to obtain information on its clients' beneficial owners (if legal entities) as stated by law. Furthermore, Arctica Finance is obligated to obtain information on the purpose of the intended business.

See further information here and here.

Beneficial Owners

According to the Act on Measures Against Money Laundering and Terrorist Financing, Arctica Finance is obligated to gather information about clients‘ beneficial owners, i.e. the natural persons who ultimately own or control the clients, through direct or indirect ownership of more than a 25% share in the clients, or control more than 25% of the voting rights or are deemed to exercise control by other means of the clients (does not apply to legal persons listed on a regulated market). If no beneficial owner can be found, e.g. if no one owns over 25% share in the clients or if the ownership of the clients is otherwise unclear, the natural person, one or more, who directs the operations of the legal entity shall be deemed to be the beneficial owner.

Politically Exposed Persons (PEPs)

As part of the measures against money laundering and terrorist financing, Arctica Finance is required to gather information on whether or not the clients, or, as the case may be, their beneficial owners, or their close family members or close associates have been entrusted with prominent public function as listed below:

• Head of state, cabinet minister and deputy minister or assistant minister.
• Member of Parliament. 
• Member of a board of a central bank. 
• Member of a court of auditors. 
• High-ranking officer in the armed forces.
• Member of an administrative, management or supervisory body of a state-owned enterprise.
  
• Member of a supreme court, constitutional court or of other high-level judicial body whose decisions are not subject to further appeal except in exceptional cases. 
• Ambassador or chargé d'affaires. 
• Chief executive officer, deputy executive officer, president, vice president or a member of a board, in each case of an international organization or institute.