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FC-1.1.2

Past version: Effective from 01 Oct 2007 to 30 Jun 2018
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Conventional bank licensees must implement the customer due diligence measures outlined in Chapters 1, 2 and 3 when:

(a) Establishing business relations with a new or existing customer;
(b) A change to the signatory or beneficiary of an existing account or business relationship is made;
(c) A significant transaction takes place;
(d) There is a material change in the way that the bank account is operated or in the manner in which the business relationship is conducted;
(e) Customer documentation standards change substantially;
(f) The conventional bank licensee has doubts about the veracity or adequacy of previously obtained customer due diligence information;
(g) Carrying-out one-off or occasional transactions above BD 6,000, or where several smaller transactions that appear to be linked fall above this threshold;
(h) Carrying out wire transfers irrespective of amount; or
(i) There is a suspicion of money laundering or terrorist financing.
October 07