6‑22 Enhanced customer due diligence req6‑22 Enhanced customer due diligence requirements for certain virtual asset services

6‑22 Enhanced customer due diligence requirements for certain virtual asset services

(1) For the purposes of paragraph 32(f) of the Act, enhanced customer due diligence must be applied to a customer who deposits or receives physical currency in the course of receiving a designated service covered by item 50A of table 1 in section 6 of the Act. (2) For the purposes of paragraph 30(2)(e) of the Act, a reporting entity must collect and verify information about the source of funds of a customer who deposits or receives physical currency in the course of receiving a designated service covered by item 50A of table 1 in section 6 of the Act. (3) 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 the source of a customer’s wealth if the reporting entity must apply enhanced customer due diligence measures in relation to the customer because of subsection (1) of this section.