A Licensed Person must ensure that the counterparty: 1. Is regulated and supervised by a competent authority. 2. Operates in a country that applies the FATF recommendations. 3. Applies, as a minimum, requirements for AML/CFT, including measures for CDD and identification of beneficial owners, that are consistent with the requirements of this Module and the FATF recommendations. 4. Has entered into an agreement with the Licensed Person agreeing to provide the latter or the Authority with any information requested regarding the beneficial owners.