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  • On-going Monitoring

    • FC-2.2.10

      Licensees must take reasonable steps to:

      (a) Scrutinize transactions undertaken throughout the course of that relationship to ensure that transactions being conducted are consistent with the licensee's knowledge of the customer, their business risk and risk profile; and
      (b) Ensure that they receive and maintain up-to-date and relevant copies of the identification documents specified in Chapter FC-1, by undertaking reviews of existing records, particularly for higher risk categories of customers. Licensees must require all customers to provide up-to-date identification documents in their standard terms and conditions of business.
      Amended: October 2017
      October 2010

    • FC-2.2.11

      Licensees must review and update their customer due diligence information at least every three years, particularly for higher risk categories of customers. If, upon performing such a review, copies of identification documents are more than 12 months out of date, the licensee must take steps to obtain updated copies as soon as possible.

      Amended: October 2017
      October 2010