6‑34 Initial customer due diligence—life6‑34 Initial customer due diligence—life policies and sinking fund policies

6‑34 Initial customer due diligence—life policies and sinking fund policies

For purposes of paragraph 28(6)(b) of the Act, a reporting entity is taken to have established on reasonable grounds the matter mentioned in paragraph 28(2)(b) of the Act in relation to a customer if: (a) the designated service proposed to be provided by the reporting entity to the customer is covered by item 37 or 38 of table 1 in section 6 of the Act (services relating to a life policy or sinking fund policy); and (b) the reporting entity has: (i) collected the full name of any person who may be entitled to receive a payment under the policy; or (ii) if the nature of the policy means that it is not possible to identify each such person—collected information describing each class of persons that may be entitled to a payment under the policy.