AML/CFTR 4.4.2 Measures required for enhanced CDD or ongoing monitoring

A firm that is required to conduct enhanced CDD or enhanced ongoing monitoring must include the following measures, as appropriate to either or both requirements:

(a) obtain additional information about the customer (for example, profession, volume of assets and information available through public databases and open sources);
(b) update customer identification and beneficial owner identification;
(c) obtain additional information on the purpose and intended nature of the business relationship;
(d) obtain additional information on the sources of the customer's wealth and funds;
(e) obtain information on the reasons for the expected transactions or the transactions that have been carried out;
(f) obtain senior management approval before establishing or continuing a business relationship;
(g) implement additional and continuous controls by identifying transactions and patterns of transactions that need additional scrutiny and review;
(h) make the first of any required payments to the customer through an account in a bank that is regulated and supervised (at least for AML and CFT purposes) by the Regulator or by an equivalent regulatory or governmental authority, body or agency in another jurisdiction.
Derived by QFCRA RM/2019-8 (as from 1st February 2020)