Section 7D: Inability to complete CDD and tipping off

7D. Inability to complete CDD and tipping off.—(1) Where a reporting entity is unable to complete CDD requirements, it— (a) shall not open the account, commence business relations or perform the transaction; or shall terminate the business relationship if any; and (b) shall promptly consider filing an STR in relation to the customer. (2) Where a reporting entity forms a suspicion of money laundering or terrorist financing and reasonably believes that performing the CDD process will tip-off the customer, the reporting entity shall not pursue the CDD process and shall file an STR.

Effective date: 2010-03-27

Amendment history

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