AML/CFTR 4.3.6 Timing of CDD — one-off transactions

(1) A firm must conduct CDD for a customer before it conducts a one-off transaction for the customer.
(2) If the firm cannot complete CDD for the customer, the firm:
(a) must immediately terminate any relationship with the customer;
(b) must not carry out the transaction with or for the customer; and
(c) must consider whether it should make a suspicious transaction report to the FIU.
(3) Subrule (2) (c) does not apply if the firm:
(a) is a lawyer, notary, other legal professional, accountant, auditor, tax consultant or insolvency practitioner; and
(b) is:
(i) providing legal advice to the client; or
(ii) defending or representing the client in, or concerning, legal proceedings, including providing advice on instituting or avoiding legal proceedings.
Note For lawyers, notaries, other legal professionals and accountants, see rule 5.2.4 on giving advice and tipping-off.
Derived by QFCRA RM/2019-8 (as from 1st February 2020)