6‑21 Establishing source of wealth and s6‑21 Establishing source of wealth and source of funds when enhanced due diligence required in certain circumstances

6‑21 Establishing source of wealth and source of funds when enhanced due diligence required in certain circumstances

(1) For the purposes of paragraph 28(2)(g) of the Act, a matter in subsection (3) of this section is specified in relation to a customer if: (a) the reporting entity must apply enhanced customer due diligence measures in relation to the customer because paragraph 32(a), (b) or (d) of the Act applies to the customer; and (b) the matter is relevant to the nature of the ML/TF risk of the customer. (2) For the purposes of paragraph 30(2)(e) of the Act, a reporting entity must, in the course of reviewing, updating and reverifying KYC information as required by paragraph 30(2)(c) of the Act, ensure that it holds information on a matter in subsection (3) of this section if: (a) the reporting entity must apply enhanced customer due diligence measures in relation to the customer because paragraph 32(a), (b) or (d) of the Act applies to the customer; and (b) the matter is relevant to the nature of the ML/TF risk of the customer. (3) The matters are: (a) the source of the customer’s wealth; and (b) the source of the customer’s funds.