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FC-1.13.1

Licensees are permitted to rely on third parties to perform elements of CDD measures and recordkeeping requirements stipulated in Chapter FC-1 related to customer and beneficial owner identity, verification of their identity and information on the purpose and intended nature of the business relationship with the licensee, subject to complying with the below:

(a) Licensees remain ultimately responsible for CDD measures;
(b) Licensees immediately obtain the relevant CDD information from the third party upon onboarding clients;
(c) There is an agreement with the third party for the arrangement with clear contractual terms on the obligations of the third party;
(d) The third party without delay makes available the relevant documentation relating to the CDD requirements upon request;
(e) Licensees ensure that the third party is a financial institution that is regulated and supervised for, and has measures in place for compliance with, CDD and recordkeeping requirements in line with FATF Recommendations 10 and 11; and
(f) For third parties based abroad, licensees must consider the information available on the level of country risk.
Added: October 2023