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AML 6.1.1

Past version: effective from 01/02/2017 - 28/10/2018
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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) 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]
[Amended] DFSA RM196/2016 (Made 7th December 2016). [VER13/02-17]