5‑20 Policies relating to customer due d5‑20 Policies relating to customer due diligence for real estate transactions

5‑20 Policies relating to customer due diligence for real estate transactions

For the purposes of paragraph 26F(3)(e) of the Act, the AML/CTF policies of a reporting entity that: (a) is to provide a designated service covered by item 1 of table 5 or item 1 of table 6 in section 6 of the Act; and (b) is a participant in an arrangement of the kind described in paragraph 6‑33(f) of this instrument; must deal with how the reporting entity will verify the KYC information the reporting entity has collected in relation to a customer before the settlement of a sale, purchase or transfer of real estate, if the reporting entity does not obtain KYC information and data used for verification in relation to the customer from another reporting entity as described in paragraph 6‑33(g) of this instrument.