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Financial Institutions and DNFBPs are required to undertake Customer Due Diligence (CDD) measures to verify the identity of the Customer and the Beneficial Owner before or during the establishment of the business relationship or opening an account, or before executing a transaction for a Customer with whom there is no business relationship. And in the cases where there is a low crime risk, it is permitted to complete verification of Customer identity after the establishment of the business relationship, under the following conditions:

(a) The verification will be conducted in a timely manner as of the commencement of a business relationship or the implementation of the transaction.

(b) The delay is necessary in order not to obstruct the natural course of business.

(c) The implementation of appropriate and effective measures to control the risks of the Crime.

Financial Institutions and DNFBPs are required to take measures to manage the risks in regards to the circumstances where Customers are able to benefit from the business relationship prior to the completion of the verification process.

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The entire contents of this article is solely for information purpose and have been prepared on the basis of relevant provisions and as per the information existing at the time of the preparation.. It doesn't constitute professional advice or a formal recommendation. The author has undertook utmost care to disseminate the true and correct view and doesn't accept liability for any errors or omissions. You are kindly requested to verify & confirm the updates from the genuine sources before acting on any of the information's provided herein above.

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