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A solicitor in a law firm has received a phone call from the managing director of a private limited company incorporated in the UK, which is a new client. The managing director wants to know why the solicitor’s firm is asking for documents to verify the identity of the company’s shareholder. The company’s shareholder lives in Brazil and owns and holds the entire shareholding of the company.
Which of the following responses best explains the advice the solicitor should give to the managing director?
A. The solicitor is under an obligation to identify and verify the identity of the company’s shareholder because the shareholder lives outside the UK.
B. The solicitor is under an obligation to identify and verify the identity of the company’s shareholder because the shareholder lives in Brazil.
C. The solicitor is under an obligation to identify and verify the identity of the company’s shareholder because the shareholder owns more than 25% of the shares.
D. The solicitor is under an obligation to identify and verify the identity of the company’s shareholder because of the structure of the company and the way the shares are held by the shareholder.
E. The solicitor is under an obligation to identify and verify the identity of the company’s shareholder because there is only one shareholder in the company.
C - The solicitor is under an obligation to identify and verify the identity of the company’s shareholder because the shareholder owns more than 25% of the shares.
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