6.3.1. Obligation to verify and understand

In conducting CDD required by AML 6.1.1,a Relevant Person must:

1. (a) verify the identity of the customer and any person acting on behalf of the customer, including his authorisation to so act, based on original or properly certified documents, data or information issued by or obtained from a reliable and independent source;
2. (a-a)  verify the identity of any beneficial owner(s) of the customer;
3. (b)obtain information on and understand the purpose and intended nature of the business relationship;
4. (c)understand the customer's sources of funds;
5. (d)understand the customer's sources of wealth; and
6. (e)conduct on-goingdue diligence of the customer business relationship under AML 6.4.1.

Links to this article

• 10.2.1. Obligations in respect of correspondent banking relationships
• 8.1.1. Modifications to AML 6.3.1 for Simplified Due Diligence
• 6.6.1. Prohibitions
• 6.4.1. On-going obligation
• 6.3.4. Existing customer becoming a Politically Exposed Person
• 6.3.2. Customer obligation for life insurance
• 6.2.3. Establishing a business relationship before Customer Due Diligence is complete
• 6.1.2. Conducting Simplified Due Diligence
• 6.1.1. Obligation to conduct Customer Due Diligence
• 6.3.3. Customer is a Politically Exposed Person