AML/CFTR 4.3.8 Extent of CDD — general requirement

(1) A firm must:
(a) decide, consistently with these rules, the extent of CDD for a customer on a risk-sensitive basis depending on, among other factors, the customer risk, the product risk, the interface risk and the jurisdiction risk; and
(b) be able to demonstrate to the Regulator that the extent of the is appropriate in view of the risks of money laundering and terrorism financing.
(2) Without limiting subrule (1), a firm must conduct enhanced CDD for a customer if, for example, the business relationship of the customer is assessed as carrying a higher money laundering or terrorism financing risk.
Derived by QFCRA RM/2019-8 (as from 1st February 2020)