6‑23 Matters for initial customer due di6‑23 Matters for initial customer due diligence—politically exposed person

6‑23 Matters for initial customer due diligence—politically exposed person

(1) For the purposes of paragraph 28(2)(g) of the Act, the matters in subsection (2) of this section are specified in relation to a customer if: (a) the reporting entity has established on reasonable grounds that the customer, any beneficial owner of the customer or any person on whose behalf the customer is receiving the designated service is a foreign politically exposed person; or (b) both: (i) the reporting entity has established on reasonable grounds that the customer, any beneficial owner of the customer or any person on whose behalf the customer is receiving the designated service is a domestic politically exposed person; and (ii) the ML/TF risk of the customer is high; or (c) both: (i) the reporting entity has established on reasonable grounds that the customer, any beneficial owner of the customer or any person on whose behalf the customer is receiving the designated service is an international organisation politically exposed person; and (ii) the ML/TF risk of the customer is high. (2) The matters are: (a) the source of the politically exposed person’s wealth; and (b) the source of the politically exposed person’s funds. (3) A foreign politically exposed person is to be treated as a domestic politically exposed person for the purposes of subsection (1) if: (a) the designated service is being provided to the customer at or through a permanent establishment in a foreign country; and (b) the foreign politically exposed person has that status because of the person’s connection to the same foreign country.