New Customer Due Diligence Guidelines
The AML/CFT Supervisors recently updated the customer due diligence (CDD) guidance for:
For each of them, you need to collect the nature and purpose of the business relationship, assess if enhanced CDD applies, and verify the identity of any person acting on behalf of the customer. In addition, where there are complex ownership structures with no reasonable explanation, you should consider the possibility that the structure is used to hide the beneficial owners, whether enhanced CDD should be conducted and whether a suspicious activity report should be submitted. On top of that, each type of entity has its own CDD requirements.
The following table provides a snapshot of the specific requirements for these entities.
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