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6. Application of KYC Principle and AML/CFT Requirements
No: 65681/67
Date(g): 3/7/2019 | Date(h): 1/11/1440
Status: In-Force
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Banks shall fully apply the KYC principle, provided that the primary purpose of the application is for the bank to be fully aware and have a complete picture of the customer and the nature of his/her activities and transactions, prior to or during the business relationship or the process of opening the account, or prior to carrying out a transaction to a customer with whom it has no business relationship, by assessing the risks that the customer may impose on the bank and the level of such risks. The identification of customers and assessment of risks shall be made while ensuring the fulfillment of all statutory requirements of opening accounts or starting business relationship.
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Banks shall establish, define, review and update the necessary procedures for the application of the KYC principle in accordance with the relative significance and degree of risk assessment made by the bank.
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Banks shall ensure that staff has the experience and training required to identify and assess the customer’s level of risks.
The Compliance Department shall have the authority and right to timely access the customer identification data, due diligence information, transaction records and other relevant data.
