Due Diligence Measures in Anti-Money Laundering and Combating the Financing of Terrorism

Overview of Due Diligence Requirements

Accountable persons (financial institutions) have a crucial role to play in preventing money laundering and financing terrorism. To achieve this, they must establish business relationships with customers while adhering to strict due diligence measures.

Establishing Business Relationships: Key Considerations

When establishing business relationships with customers, accountable persons should take the following steps:

• Conduct thorough customer due diligence
• Verify the identity of customers and beneficial owners
• Assess the risk associated with each customer relationship

These measures are essential in preventing money laundering and financing terrorism.

Specific Sections for Verification

If you would like me to focus on a specific aspect of the regulation, such as:

• Establishing Identity for Natural Persons: Verifying the identity of natural persons who are citizens or residents (Section 19)
• Verifying Identity for Foreign Nationals: Ensuring compliance with Section 20
• Other sections: Please specify which section you would like me to assist with.

I will be happy to provide guidance and support.