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  • AML-1.8 AML-1.8 Introduced Business from Professional Intermediaries

    • AML-1.8.1

      A Capital Market Licensees must only accept customers introduced to it by other Capital Market Licensees, financial institutions or intermediaries, if it has satisfied itself that the introducer concerned is subject to FATF-equivalent measures and customer due diligence measures. Where Capital Market Licensees delegate part of the customer due diligence measures to an introducer, the responsibility for meeting the requirements of Chapters 1 and 2 remains with the Capital Market Licensee, not the introducer.

      Amended: January 2022
      Amended: January 2018
      Added: October 2010

    • AML-1.8.2

      Capital Market Licensees may only accept introduced business if all of the following conditions are satisfied:

      (a) The customer due diligence measures applied by the introducer are consistent with those required by the FATF Recommendations;
      (b) A formal agreement is in place defining the respective roles of the Capital Market Licensees and the introducer in relation to customer due diligence measures. The agreement must specify that the customer due diligence measures of the introducer will comply with the FATF Recommendations;
      (c) The introducer is able to provide all relevant data pertaining to the identity of the customer and beneficial owner of the funds and, where applicable, the party/parties on whose behalf the customer is acting; also, the introducer has confirmed that the Capital Market Licensee will be allowed to verify the customer due diligence measures undertaken by the introducer at any stage; and
      (d) Written confirmation is provided by the introducer confirming that all customer due diligence measures required by the FATF Recommendations have been followed and the customer's identity established and verified. In addition, the confirmation must state that any identification documents or other customer due diligence material can be accessed by the Capital Market Licensee and that these documents will be kept for at least five years after the business relationship has ended.
      Amended: January 2022
      Amended: July 2016
      Added: October 2010

    • AML-1.8.3

      The Capital Market Licensees must perform periodic reviews ensuring that any introducer on which it relies is in compliance with the FATF Recommendations. Where the introducer is resident in another jurisdiction, the Capital Market Licensees must also perform periodic reviews to verify whether the jurisdiction is in compliance with the FATF Recommendations.

      Amended: January 2022
      Amended: July 2016
      Added: October 2010

    • AML-1.8.4

      Should the Capital Market Licensees not be satisfied that the introducer is in compliance with the requirements of the FATF Recommendations, the Capital Market Licensees must not accept further introductions or discontinue the business relationship with the introducer.

      Amended: January 2022
      Amended: July 2016
      Added: October 2010