7. Customer Due Diligence
Customer due diligence is defined in the Money Laundering Regulation as:
(a) Identifying the customer and verifying the customer’s identity based on documents, data, or information obtained from a reliable and independent source.
(b) Identifying where there is a beneficial owner who is not the customer, the beneficial owner and taking adequate measures, on a risk-sensitive basis, to verify his identity so that the relevant person is satisfied that he knows who the beneficial owner is, including, in the case of a legal person, trust or similar legal arrangement, measures to understand the ownership and control structure of the person, trust or arrangement
(c) Obtaining information on the purpose and intended nature of the business relationship.
Importapay must conduct customer due diligence
Before new retail customers are accepted
When there is suspected money laundering or terrorist/proliferation financing
Before setting up a business relationship with a customer
When about to carry out an occasional transaction
When there is doubt about any information provided by the customer for identification or verification.
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