6‑17 Simplified initial customer due dil6‑17 Simplified initial customer due diligence for certain matters

6‑17 Simplified initial customer due diligence for certain matters

For the purposes of paragraph 28(6)(b) of the Act, a reporting entity is taken to have established on reasonable grounds a matter mentioned in paragraph 28(2)(b), (c) or (d) of the Act in relation to a customer if: (a) section 31 of the Act permits the reporting entity to apply simplified customer due diligence measures in relation to the customer; and (b) if the customer is an individual—the reporting entity has taken reasonable steps to establish that the customer is the person the customer claims to be; and (c) the reporting entity has identified the ML/TF risk of the customer, based on KYC information about the customer that is reasonably available to the reporting entity before commencing to provide the designated service; and (d) the reporting entity has collected KYC information about the customer relating to the matter that is appropriate to the ML/TF risk of the customer; and (e) there are no reasonable grounds for the reporting entity to doubt the adequacy or veracity of that KYC information.