6‑15 Delayed initial customer due dilige6‑15 Delayed initial customer due diligence—service provided in foreign country

6‑15 Delayed initial customer due diligence—service provided in foreign country

(1) For the purposes of paragraph 29(a) of the Act, a reporting entity may commence to provide a designated service to a customer (subject to the requirements of section 29 of the Act and this section) if: (a) the service is provided at or through a permanent establishment of the reporting entity in a foreign country; and (b) the law of that country that gives effect to the FATF Recommendations permits the reporting entity to establish a matter or matters in subsection 28(2) of the Act after providing the service. (2) For the purposes of paragraph 29(f) of the Act, it is a requirement for commencing to provide any such designated service that the reporting entity has complied with the law of the foreign country relating to collection and verification of KYC information in relation to providing the service.