6‑24 Ongoing customer due diligence—poli6‑24 Ongoing customer due diligence—politically exposed person

6‑24 Ongoing customer due diligence—politically exposed person

(1) For the purposes of subparagraph 30(2)(c)(ii) of the Act, the reporting entity must review, and where appropriate, update and reverify KYC information relating to the customer if: (a) the customer, a beneficial owner of the customer or a person on whose behalf the customer is receiving the designated service becomes a foreign politically exposed person; or (b) both: (i) the customer, a beneficial owner of the customer or a person on whose behalf the customer is receiving the designated service becomes a domestic politically exposed person; and (ii) the ML/TF risk of the customer is high; or (c) both: (i) the customer, a beneficial owner of the customer or a person on whose behalf the customer is receiving the designated service becomes an international organisation politically exposed person; and (ii) the ML/TF risk of the customer is high.

Note: In these circumstances, section 28 of the Act and section 6‑23 of this instrument set out matters that (subject to any relevant exceptions) must be established before the reporting entity commences to provide a designated service to the customer.

(2) 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.