Section 7A: Conducting CDD

[7A. Conducting CDD.— (1) Every reporting entity shall conduct CDD in the manner as may be prescribed and in accordance with the provisions of this Act in the following matters, namely:— (a) entering into a business relationship; (b) conducting an occasional transaction above the prescribed threshold; (c) where there is a suspicion of money laundering or terrorist financing; or (d) where there are doubts about the veracity or adequacy of previously obtained data. (2) Every reporting entity shall— (a) identify the customer and verify the customer's identity on the basis of documents, data or information obtained from reliable and independent sources; (b) identify the beneficial owner and take reasonable measures to verify the beneficial owner's identity on the basis of documents, data or information obtained from reliable sources and be satisfied that it knows who the beneficial owner is; (c) understand and, as appropriate, obtain information on the purpose and intended nature of the business relationship; and (d) monitor the business relationship on an ongoing basis.

Effective date: 2010-03-27

Amendment history

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