AML/CFTR 4.4.1 Enhanced CDD and ongoing monitoring — general

A firm must, on a risk-sensitive basis, conduct enhanced CDD and enhanced ongoing monitoring:

(a) in cases where it is required to do so under the AML/CFT Law or these rules;
(b) if required by the Regulator or the NAMLTF Committee;
(c) in cases where FATF calls upon its members to require enhanced CDD and enhanced ongoing monitoring; and
(d) in any other case that by its nature can present a higher risk of money laundering or terrorism financing.

Note Enhanced CDD or enhanced ongoing monitoring is required under:

•   rule 2.1.3 (2) (b) (Matters to be covered by policies etc)
•   rule 3.2.4 (Persons associated with terrorist acts etc — enhanced CDD and ongoing monitoring)
•   rule 3.2.5 (c) and (f) (Measures for PEPs)
•   rule 3.3.5 (3) (a) (Correspondent banking relationships generally)
•   rule 3.3.9 (3) (Bearer shares and share warrants to bearer)
•   rule 3.3.12 (3) (a) (Correspondent securities relationships generally)
•   rule 3.5.1 (2) examples (Risk assessment for jurisdiction risk)
•   rule 3.5.5 (Jurisdictions with impaired international cooperation)
•   rule 3.5.6 (Non-cooperative, high risk and sanctioned jurisdictions)
•   rule 3.5.7 (1) (b) (Jurisdictions with high propensity for corruption)
•   rule 4.3.8 (2) (Extent of CDD — general requirement)
Derived by QFCRA RM/2019-8 (as from 1st February 2020)