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5.1.3. Conduct of the customer risk assessment

When undertaking a risk-based assessment of a customer under AML 5.1.1 a Relevant Person must:

  1. (a) identify the customer, any beneficial owner(s) and any person acting on behalf of a customer;
  2. (b) obtain information on the purpose and intended nature of the business relationship;
  3. (c) consider the type of customer, its ownership and control structure, and its beneficial ownership (if any);
  4. (d) consider the nature of the customer's business relationship with the Relevant Person;
  5. (e) consider the customer's country of origin, residence, nationality, place of incorporation or place of business;
  6. (f) consider the relevant product, service or transaction;
  7. (g) consider the beneficiary of a life insurance policy, where applicable; and
  8. (h) consider the outputs of the business risk assessment under Chapter 4.