6‑26 Ongoing customer due diligence—nest6‑26 Ongoing customer due diligence—nested services relationship

6‑26 Ongoing customer due diligence—nested services relationship

(1) For the purposes of subparagraph 30(2)(b)(iii) of the Act, the reporting entity must review, and where appropriate, update the reporting entity’s identification and assessment of the ML/TF risk of a customer if: (a) the reporting entity provides designated services to the customer as part of a nested services relationship; and (b) 2 years have elapsed since the reporting entity last identified and assessed the ML/TF risk of the customer. (2) 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 a customer if: (a) the reporting entity provides designated services to the customer as part of a nested services relationship; and (b) 2 years have elapsed since the reporting entity last collected or reviewed the KYC information relating to the customer. (3) 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 reporting entity commences to provide a designated service to the customer as part of a nested services relationship; and (b) the reporting entity has not previously provided that kind of designated service to the customer as part of such a relationship.