FC-1.4.3

There are a number of checks that can provide an Islamic bank licensee with a reasonable degree of assurance as to the authenticity of the applicant. They include:

(a) Telephone contact with the applicant on an independently verified home or business number;
(b) With the customer's consent, contacting an employer to confirm employment, via phone through a listed number or in writing;
(c) Salary details appearing on recent bank statements;
(d) Independent verification of employment (e.g.: through the use of a national E-KYC application, or public position held;
(e) Carrying out additional searches (e.g. internet searches using independent and open sources) to better inform the customer risk profile;
(f) Carrying out additional searches focused on financial crime risk indicator (i.e. negative news);
(g) Evaluating the information provided with regard to the destination of fund and the reasons for the transaction;
(h) Seeking and verifying additional information from the customer about the purpose and intended nature of the transaction or the business relationship; and
(i) Increasing the frequency and intensity of transaction monitoring.
Amended: January 2022
October 07