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Guidance

1. Examples of situations that might lead a Relevant Person to have doubts about the veracity or adequacy of documents, data or information previously obtained might be where: there is a suspicion of money laundering in relation to that customer; there is a material change in the way that the customer's account is operated which is not consistent with the customer's business profile; or it appears to the Relevant Person that a Person other than the nominal customer is the real customer.
2. Situations that the Relevant Person may take into account include, for example, accepting subscription monies during a short offer period or executing a time critical Transaction which, if not executed immediately, would or may cause a customer to incur a financial loss due to price movement or loss of opportunity or when a customer seeks immediate insurance cover.
3. When complying with Rule 8.2.1, a Relevant Person should also, where relevant, consider Rule 8.7.1 regarding failure to conduct or complete CDD and Chapter 14 regarding Suspicious Activity Reports and tipping off.
Added on (15 April, 2019).