9. High risk customers and politically-exposed persons

Financial institutions or designated non-financial business and professions shall -

(a}

identify customers whose activities may pose a high risk of money laundering and financing of terrorism and shall exercise enhanced identification,

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BRUNEI DARUSSALAM GOVERNMENT GAZETTE verification and ongoing due diligence procedures with respect to such customers;

and

to determine if a customer or a beneficial owner is a politically-exposed person and if so, shall

obtain approval from senior management before establishing a business relationship with a customer, or later, as soon as an existing customer is identified as a politically-exposed person;