FC-1.1.2

Islamic 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 Islamic bank licensee has doubts about the veracity or adequacy of previously obtained customer due diligence information;
(g) [This Sub-paragraph was deleted in July 2018];
(h) Carrying out wire transfers irrespective of amount; or
(i) There is a suspicion of money laundering or terrorist financing.
Amended: July 2018
October 07