AML/CFTR 4.3.7 When CDD required — additional requirement for existing customers
(1) A firm must also conduct CDD for existing customers at other appropriate times on a risk-sensitive basis.
(2) Without limiting subrule (1), a firm must conduct CDD for an existing customer if there is a material change in the nature or ownership of the customer.
(3) Without limiting subrule (2), a firm must decide whether to conduct CDD for a customer if:
(a) the firm's customer documentation standards change substantially;
(b) there is a material change in the way an account is operated or in any other aspect of the business relationship with the customer;
(c) a significant transaction with or for the customer is about to take place; or
(d) the firm becomes aware that it lacks sufficient information about the customer.
Note See rule 3.3.4 (Products with fictitious or false names or no names).
|Derived by QFCRA RM/2019-8 (as from 1st February 2020)|