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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Provisions expressly mentioned in the judgment/order text.
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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