9.5: ‘Know Your Customer’ Principle
Effective from 2017-03-12 - Jul 08 2017
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| The purpose of applying ‘KYC’ principle is to enable remittance centers to form a clearer picture by ascertaining the true identity of each customer with an appropriate degree of confidence and identifying the types of business and transactions that the customer is likely to carry out with a remittance center. Moreover, for achieving this purpose, remittance centers procedures shall include the following measures: | |
| 1) | Identify and verify the identity of all permanent and temporary customers on a continuous basis. |
| 2) | Identify the identity of the real beneficiaries for all transactions carried out by customers at the level that achieves complete understanding and knowledge thereof. |
| 3) | The risk-based approach shall be applied to assess the risks associated with various types of customers and take appropriate measures to enhance the requirements for identifying and verifying the identity of customers or real beneficiaries of their transactions. |
| 4) | Take the measures that would update the requirements for identifying and verifying the identity of all customers on a continuous basis. |
| 5) | Track changes in the identity of customers and take necessary action regarding their impact on the requirements of control and supervision. |
| 6) | Make available identification records of customers/real beneficiaries to the competent officials responsible for compliance with the AML/CFT standards and relevant concerned officials. |
| 7) | Verify the identity of customers and real beneficiaries through reliable and independent sources. |