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AML 6.1.1

Past version: effective from 14/07/2013 - 31/01/2017
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(1) A Relevant Person must:
(a) undertake a risk-based assessment of every customer; and
(b) assign the customer a risk rating proportionate to the customer's money laundering risks.
(2) The customer risk assessment in (1) must be completed prior to undertaking Customer Due Diligence for new customers, and whenever it is otherwise appropriate for existing customers.
(3) A Relevant Person may assign a low risk rating to a Prescribed Low Risk Customer without the need to undertake the risk-based assessment of the customer under (1)(a).
(4) Where a Relevant Person has assigned a customer a low risk rating under (3) and the customer ceases to meet the criteria to be a Prescribed Low Risk Customer the Relevant Person must undertake the risk-based assessment of the customer under (1)(a).
(5) When undertaking a risk-based assessment of a customer under (1)(a) a Relevant Person must:
(a) identify the customer and any beneficial owner;
(b) obtain information on the purpose and intended nature of the business relationship;
(c) take into consideration the nature of the customer, its ownership and control structure, and its beneficial ownership (if any);
(d) take into consideration the nature of the customer business relationship with the Relevant Person;
(e) take into consideration the customer's country of origin, residence, nationality, place of incorporation or place of business;
(f) take into consideration the relevant product, service or transaction; and
(g) take into consideration the outcomes of business risk assessment under chapter 5.
Derived from RM117/2013 [VER9/07-13]