AML/CFTR 4.3.2 When CDD required — basic requirement

(1) A firm must conduct CDD for a customer when:
(a) it establishes a business relationship with the customer;
(b) it conducts a one-off transaction for the customer with a value (or, for transactions that are or appear (whether at the time or later) to be linked, with a total value) of at least QR 50,000;

Note A firm must have systems and controls to identify one-off transactions that are linked to the same person (see rule 4.3.15 (1)).
(c) it suspects the customer of money laundering or terrorism financing; or
(d) it has doubts about the veracity or adequacy of documents, data or information previously obtained in relation to the customer for the purposes of identification or verification.
Note CDD must also be conducted under rule 3.3.8 (Powers of attorney) and rule 3.3.10 (Wire transfers).
(2) This rule is subject to:
•   rule 3.4.9 (Introducers)
•   rule 3.4.10 (Group introductions)
•   rule 3.4.11 (Intermediaries)
•   rule 4.3.4 (When CDD may not be required — acquired businesses)
•   rule 5.2.2 (2) (Firm must ensure no tipping-off occurs).
Derived by QFCRA RM/2019-8 (as from 1st February 2020)