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Article 15: Customer Due Diligence

Effective from 2019-02-20 - May 02 2019
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1.Each Bank engaging in Agent Banking must develop a ‘Customer Due Diligence (CDD)’ program that is tailored to its individual circumstances, type of Agents and risk level. The CDD program should include policies and procedures for the following, as a minimum:
 
 a.Know Your Customer (KYC);
 
 b.Information security; and
 
 c.Data privacy and confidentiality.
 
2.The Bank must be responsible for ensuring compliance of its Agents with its CDD program and the CDD requirements provided herein.
 
3.Agents must establish the identity of their Customers as deemed appropriate by the Bank, including through ID, fingerprint, etc., and must verify the purpose and nature of making any banking activities or any banking relationship through Agents.
 
4.If an Agent has reasons to doubt the credibility of information provided by the Customer, it has to use all the possible reliable means to validate such information. In such cases, the Agent must stop dealing with the Customer and report findings to the Bank’s Money Laundering Reporting Officer (MLRO).