Know your customer: Difference between revisions

Latest revision as of 11:40, 27 December 2018

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Anti-money laundering

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+#redirect[[anti-money laundering]]
-Application of customer due diligence measures
-{{quote|
-.—(1) Subject to regulations 9, 10, 12, 13, 14, 16(4) and 17, a relevant person must apply customer due diligence measures when he—
-::(a)establishes a business relationship; .
-::(b)carries out an occasional transaction; .
-::(c)suspects money laundering or terrorist financing; .
-::(d)doubts the veracity or adequacy of documents, data or information previously obtained for the purposes of identification or verification. .
-:(2) Subject to regulation 16(4), a relevant person must also apply customer due diligence measures at other appropriate times to existing customers on a risk-sensitive basis.
-:(3) A relevant person must—
-::(a) determine the extent of customer due diligence measures on a risk-sensitive basis depending on the type of customer, business relationship, product or transaction; and .
-::(b) be able to demonstrate to his supervisory authority that the extent of the measures is appropriate in view of the risks of money laundering and terrorist financing. .
-:(4) Where—
-::(a) a relevant person is required to apply customer due diligence measures in the case of a trust, legal entity (other than a body corporate) or a legal arrangement (other than a trust); and .
-::(b) the class of persons in whose main interest the trust, entity or arrangement is set up or operates is identified as a beneficial owner, .
-the relevant person is not required to identify all the members of the class.
-:(5) Paragraph (3)(b) does not apply to the National Savings Bank or the Director of Savings. }}

Know your customer: Difference between revisions

Latest revision as of 11:40, 27 December 2018

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