Customer due diligence obligations require identifying beneficial owners, ongoing monitoring and prohibition of anonymous accounts. Amendments require banking companies, financial institutions and intermediaries to identify and verify beneficial owners, exercise ongoing due diligence, closely examine transactions for consistency with client profiles and verify source of funds where necessary; prohibit anonymous or fictitious accounts; mandate re verification and enhanced measures upon suspicion of money laundering or terrorism financing; and clarify that identity records include identification data, account files and business correspondence, while cessation of transactions means termination of an account or business relationship.
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 obligations require identifying beneficial owners, ongoing monitoring and prohibition of anonymous accounts.
Amendments require banking companies, financial institutions and intermediaries to identify and verify beneficial owners, exercise ongoing due diligence, closely examine transactions for consistency with client profiles and verify source of funds where necessary; prohibit anonymous or fictitious accounts; mandate re verification and enhanced measures upon suspicion of money laundering or terrorism financing; and clarify that identity records include identification data, account files and business correspondence, while cessation of transactions means termination of an account or business relationship.
Full Summary is available for active users!
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
of 
TaxTMI 
