Licensees must implement the customer due diligence measures outlined in Chapters 1, 2 and 3 when:

(a) [This Sub-paragraph was deleted in July 2018];
(b) Carrying out wire transfers (of the equivalent of US$1,000 or above) (particularly relevant for money changers);
(c) Establishing business relations with a new or existing customer;
(d) A change to the signatory or beneficiary of an existing account or business relationship is made;
(e) Customer documentation standards change substantially;
(f) The licensee has doubts about the veracity or adequacy of previously obtained customer due diligence information;
(g) A significant transaction takes place (see FC-2.2.3);
(h) There is a material change in the way that an account is operated or in the manner in which the business relationship is conducted; or
(i) There is a suspicion of money laundering or terrorist financing.
Amended: January 2021
Amended: July 2018
October 2010