AML 8.4.1

Where a Relevant Person is required to undertake Enhanced CDD, having assigned a customer a high risk rating or it or its Beneficial Owners is a PEP, then, in addition to CDD under Rule 8.3.1, it must:

(a) obtain:
(i) additional identification information on the customer and all Beneficial Owners;
(ii) additional information on the intended nature of the business relationship;
(iii) information on the reasons for a Transaction;
(b) update the CDD information which it holds on the customer and any Beneficial Owners more regularly;
(c) identify and verify:
(i) the Source of Funds; and
(ii) the Source of Wealth;
of the customer and, if applicable, all Beneficial Owners;
(d) conduct enhanced monitoring of the business relationship, by increasing the frequency and intensity of controls applied, and determining which groups of transactions need further examination;
(e) obtain the approval of Senior Management to commence a business relationship with the customer; and
(f) require the first payment to be carried out through an account in the customer's name with a financial institution that is subject to money laundering regulation and supervision in a jurisdiction that has standards equivalent to those set out in the FATF Recommendations.
Amended on (15 April, 2019).