AML 7.6.1

(1) When undertaking ongoing Customer Due Diligence under Rule 7.3.1(1)(d), a Relevant Person must, using the risk-based approach:

(a) monitor transactions undertaken during the course of its customer relationship to ensure that the transactions are consistent with the Relevant Person's knowledge of the customer, his business and risk rating;
(b) pay particular attention to any complex or unusually large transactions or unusual patterns of transactions that have no apparent or visible economic or legitimate purpose;
(c) enquire into the background and purpose of the transactions in (b);
(d) review the adequacy of the Customer Due Diligence information it holds on customers and Beneficial Owners to ensure that the information is kept up to date, particularly for customers with a high risk rating; and
(e) review each customer to ensure that the risk rating assigned to a customer under Rule 6.1.1(1)(b) remains appropriate for the customer in light of the money laundering risks.

(2) A Relevant Person must carry out a review under (1)(d) and (e) periodically and at other appropriate times when a material change or event occurs relating to a customer.

Derived from RM117/2013 [VER9/07-13]
[Amended] DFSA RM231/2018 (Made 6th June 2018) [VER15/07-18]