Criminal Asset Recovery Order, 2012 · s 8

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s 8Timing of customer identification and verification

The identification and verification of the identity of each customer, and obtaining of other information required by this section, shall take place before the establishment of an account, or of a business relationship (or before the carrying on of further business, if money laundering or financing of terrorism is suspected or if there are doubts about the veracity or adequacy of previously obtained customer identification information):

Provided that the authority may prescribe the circumstances in which the verification of identity may be completed as soon as reasonably practicable after the commencement of the business if -

• {a}

the risk of money laundering or financing of terrorism is effectively managed; and

{b}

a delay in verification is essential not to interrupt the normal conduct of business.