(1) Where a Relevant Person is permitted to undertake Simplified CDD under Rule 8.1.1(2), modification of Rule 8.3.1 may include:
(a) verifying the identity of the customer and any Beneficial Owners after the establishment of the business relationship;
(b) deciding to reduce the frequency of, or as appropriate not undertake, customer identification updates;
(c) deciding not to verify an identification document other than by requesting a copy;
(d) reducing the degree of on-going monitoring of Transactions, based on a reasonable monetary threshold or on the nature of the Transaction; and
(e) not collecting specific information or carrying out specific measures to understand the purpose and intended nature of the business relationship, but inferring such purpose and nature from the type of Transactions or business relationship established.
(2) The modification undertaken under (1) must be proportionate to the customer's money laundering risks.
|Amended on (15 April, 2019).|