Criminal Asset Recovery Order, 2012 · s 13

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13.
Additional procedures for ongoing due diligence
(1)
Financial institutions or designated non-financial business and professions shall exercise ongoing due diligence with respect to the business relationship which shall include -
557
(a)
maintaining current information and records relating to the customer and beneficial owner;

{b)
closely examining the transactions carried out in order to ensure that such transactions are consistent with their knowledge of their customer, the customer's commercial or personal activities and risk profile;
and
(c)
ensuring the obligations pursuant to sections 9 and 10 relating to high risk customers, politically-exposed persons, and correspondent banking relationships are fulfilled.
[2)
A financial institution or designated non-financial business and professions shall apply the identification and verification requirements of this
Part, to customers and beneficial owners with which it had a business relationship at the time of the coming into force of this Order on a risk-sensitive basis depending on the type and nature of the customer, business relationship, product or transactions, or as may otherwise be prescribed by the Minister or
Authority, as the case may be, by regulations.
Record keeping procedures.

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s 13Additional procedures for ongoing due diligence

(1)

Financial institutions or designated non-financial business and professions shall exercise ongoing due diligence with respect to the business relationship which shall include -

557

(a)

maintaining current information and records relating to the customer and beneficial owner;

{b)

closely examining the transactions carried out in order to ensure that such transactions are consistent with their knowledge of their customer, the customer's commercial or personal activities and risk profile;

and

(c)

ensuring the obligations pursuant to sections 9 and 10 relating to high risk customers, politically-exposed persons, and correspondent banking relationships are fulfilled.

[2)

A financial institution or designated non-financial business and professions shall apply the identification and verification requirements of this

Part, to customers and beneficial owners with which it had a business relationship at the time of the coming into force of this Order on a risk-sensitive basis depending on the type and nature of the customer, business relationship, product or transactions, or as may otherwise be prescribed by the Minister or

Authority, as the case may be, by regulations.

Record keeping procedures.