Banks, insurance companies or other companies operating in the sector must identify their customers prior to commencement of the customer relationship. In addition, a customer must be identified and his/her identity verified if the underlying business transaction deviates from the ordinary or the service provider is suspicious of the origin or use of the funds. A customer must also be identified if the service provider suspects the veracity of previously obtained customer due diligence data. Enhanced customer due diligence requirements need to be complied with if the customer is a politically exposed person or a family member or close associate of such a person.
See also frequently asked questions