AML/CFTR 3.4.7 Activities to which Division 3.4.B does not apply

This Division does not apply to a firm in relation to CDD conducted for the firm:

(a) by a third-party service provider under an outsourcing;
(b) by an agent under a contractual arrangement between the firm and the agent;
(c) if the firm is a bank — under a correspondent banking relationship to which the firm is a party; or
(d) under a correspondent securities relationship to which the firm is a party.

Note See:

•   rule 2.1.5 (Compliance by officers, employees, agents etc)
•   rule 2.1.7 (Application of AML/CFT Law requirements, policies etc to outsourced functions and activities)
•   rule 3.3.5 (Correspondent banking relationships generally)
•   rule 3.3.12 (Correspondent securities relationships generally).
Derived by QFCRA RM/2019-8 (as from 1st February 2020)