Representative persons are required to conduct the same due diligence as for a company client.
The representative person has to accept so to act. The acceptance should acknowledge the obligation to carry out and maintain due diligence screening on the client. This is to be done to the same standard as though he or she were screening the owner of a company registered in the flag jurisdiction in accordance with the codes of practice developed by the local professional associations and the financial regulator [the Monetary Authority] in accordance with the underlying law. Screening should be conducted before accepting to act.
So as to ensure that auditable due diligence is properly done and to ensure that no one is providing an unlicensed service, representation is provided by a licensed professional financial service company, usually a firm with a company manager’s licence in the jurisdiction.