(1) In undertaking CDD a Relevant Person must:
(a) identify the customer and verify the customer's identity including identification and verification of the identify of any Person purporting to act on behalf of the customer;
(b) identify all the Beneficial Owners and take reasonable measures to verify the identity of the Beneficial Owners, such that the Relevant Person is satisfied that it knows who the Beneficial Owners are;
(c) assess and understand and, as appropriate, obtain information on the purpose and intended nature of the business relationship; and
(d) conduct on-going due diligence of the business relationship as required under Rule 8.6.1.
(2) In addition to complying with (a), for life insurance or other similar policies a Relevant Person must:
(a) record the names of any beneficiaries named in the policy;
(b) verify the identity of all Persons in all classes of beneficiary when a payout of the policy is due;
(c) undertake the measures referred to in (a) and (b) as soon as the beneficiary of the policy is identified or designated; and
(d) verify the identity of beneficiaries and any Beneficial Owners of a beneficiary before it makes a payout under the policy.
(3) A Relevant Person must have systems and controls in place and take reasonable measures to determine whether:
(a) a customer,
(b) any Beneficial Owners of the customer; or
(c) for a life insurance or other similar policy, any beneficiary of the policy, or any Beneficial Owners of a beneficiary;
is a PEP.
(4) If a PEP is identified under (3), then the Relevant Person must, in addition to CDD under 8.3.1, undertake Enhanced CDD under 8.4.1.
|Amended on (15 April, 2019).|