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Client due diligence requirements expanded to specify identity authentication, ownership verification, purpose recording and enhanced monitoring. The amendment prescribes procedures for client due diligence by requiring reporting entities to: authenticate client identity; identify ownership and assess the client's financial position; record the purpose of specified transactions and the intended nature of relationships between parties; and define the manner of increasing future monitoring under the relevant provisions of section 12AA.
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<h1>Client due diligence requirements expanded to specify identity authentication, ownership verification, purpose recording and enhanced monitoring.</h1> The amendment prescribes procedures for client due diligence by requiring reporting entities to: authenticate client identity; identify ownership and assess the client's financial position; record the purpose of specified transactions and the intended nature of relationships between parties; and define the manner of increasing future monitoring under the relevant provisions of section 12AA.
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