Enhanced due diligence: new rules require identity authentication, ownership verification, transaction purpose recording and increased monitoring. Section 73 is amended to enable rules prescribing the manner and conditions for client identity authentication, the manner of identifying client ownership and financial position, additional steps to record the purpose of specified transactions and the intended nature of relationships between parties, and the manner of increasing future monitoring; these rules implement the enhanced due diligence framework established by newly inserted section 12AA and are referenced in amended sections 12A and 15.
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Provisions expressly mentioned in the judgment/order text.
Enhanced due diligence: new rules require identity authentication, ownership verification, transaction purpose recording and increased monitoring.
Section 73 is amended to enable rules prescribing the manner and conditions for client identity authentication, the manner of identifying client ownership and financial position, additional steps to record the purpose of specified transactions and the intended nature of relationships between parties, and the manner of increasing future monitoring; these rules implement the enhanced due diligence framework established by newly inserted section 12AA and are referenced in amended sections 12A and 15.
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