Customer due diligence requires verifying identity and beneficial ownership and applying risk based enhanced scrutiny for high risk clients. Customer due diligence requires intermediaries to obtain and verify sufficient information to identify customers and beneficial owners, corroborate identity and ownership using reliable independent sources, and perform ongoing scrutiny of transactions to ensure consistency with the intermediary's knowledge and the customer's risk profile; intermediaries must adopt client acceptance policies, refuse or terminate relationships where identity cannot be verified, file suspicious activity reports, and apply a risk based approach with enhanced measures for higher risk customers.
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
Customer due diligence requires verifying identity and beneficial ownership and applying risk based enhanced scrutiny for high risk clients.
Customer due diligence requires intermediaries to obtain and verify sufficient information to identify customers and beneficial owners, corroborate identity and ownership using reliable independent sources, and perform ongoing scrutiny of transactions to ensure consistency with the intermediary's knowledge and the customer's risk profile; intermediaries must adopt client acceptance policies, refuse or terminate relationships where identity cannot be verified, file suspicious activity reports, and apply a risk based approach with enhanced measures for higher risk customers.
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