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FC-1.7.1

Where Islamic bank licensees receive pooled funds managed by professional intermediaries (such as investment and pension fund managers, stockbrokers and lawyers or authorised money transferors), they must apply CDD measures contained in Section FC-1.9 to the professional intermediary. In addition, Islamic bank licensees must verify the identity of the beneficial owners of the funds where required as detailed in Paragraphs FC-1.7.2 or FC-1.7.3 below.

October 07