AML/CFTR 4.5.2 Customer with low level of risk

A firm may conduct simplified CDD for a customer who presents a low level of risk. The CDD must be commensurate to the level of risk and may include:

(a) despite rule 4.3.5, verifying the identity of the customer or beneficial owner after (rather than before) the business relationship has been established;
(b) despite rule 4.3.6, verifying the identity of the customer or beneficial owner after (rather than before) a one-off transaction with a value of at least QR 50,000;
(c) reducing the intensity, extent and frequency of updates of customer identification; and
(d) not collecting information, or not carrying out measures, to determine the purpose and intended nature of the business relationship, and instead inferring that purpose and nature from the transactions carried out under that relationship.
Derived by QFCRA RM/2019-8 (as from 1st February 2020)