AMLG 4.3.1 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 to do so;
(c) in cases where the Financial Action Task Force calls upon its members to require enhanced CDD and enhanced ongoing monitoring; and
(d) in any other situation that by its nature can present a higher risk of money laundering or terrorism financing.

Examples

A greater degree of CDD and monitoring would be necessary in the following cases:
•   a customer who is associated with terrorist acts
•   a customer from a jurisdiction with impaired international cooperation
•   a customer from a non-cooperative, high risk or sanctioned jurisdiction
•   a customer from a jurisdiction with high propensity for corruption.
Derived by QFCRA RM/2019-9 (as from 1st February 2020)