Enhanced customer due diligence obligation
32 Enhanced customer due diligence obligation
In complying with the obligation imposed on a reporting entity under subsection 28(1) or 30(1) in relation to a customer, the reporting entity must apply enhanced customer due diligence measures appropriate to the ML/TF risk of the customer if one or more of the following apply to the customer:
the ML/TF risk of the customer is high;
if:
a suspicious matter reporting obligation arises for the reporting entity in relation to the customer; and
the reporting entity proposes to continue to provide a designated service or designated services to the customer;
the customer, any beneficial owner of the customer, any person on whose behalf the customer is receiving the designated service, or any person acting on behalf of the customer, is a foreign politically exposed person;
the customer, any beneficial owner of the customer, any person on whose behalf the customer is receiving the designated service, or any person acting on behalf of the customer, is:
an individual who is physically present in a high risk jurisdiction for which the international body known as the Financial Action Task Force has called for enhanced due diligence to be applied; or
a body corporate or legal arrangement that was formed in a high risk jurisdiction for which the international body known as the Financial Action Task Force has called for enhanced due diligence to be applied;
the designated service provided or proposed to be provided to the customer is provided or proposed to be provided as part of a nested services relationship;
the customer is of a kind specified in the AML/CTF Rules.
For suspicious matter reporting obligation, see section 41.
8 Division 6 of Part 2
Repeal the Division, substitute:
The statute text is free to read above. View Pro plans to unlock the case-law research tools for each provision.