Entire Section

  • AML 8.2 AML 8.2 Outsourcing

    • AML 8.2.1 AML 8.2.1

      A Relevant Person which outsources any one or more elements of its Customer Due Diligence to a service provider (including within its Group) remains responsible for compliance with, and liable for any failure to meet, such obligations.

      Derived from RM117/2013 [VER9/07-13]

      • AML 8.2.1 Guidance

        1. Prior to appointing an outsourced service provider to undertake CDD, a Relevant Person should undertake appropriate due diligence to assure itself of the suitability of the outsourced service provider and should ensure that the outsourced service provider's obligations are clearly documented in a binding agreement.
        2. An Authorised Person should be mindful of its obligations regarding outsourcing set out in GEN Rules 5.3.21 and 5.3.22.
        Derived from RM117/2013 [VER9/07-13]