Updating Account Data
Effective from Sep 09 2020 - Nov 08 2020
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| 138. | DTFCs must establish customer identification at the outset of relationship. | |
| 139. | As a measure of control, DTFCs must require all their customers to update the database of their General Accounts with the DTFCs periodically based on the risk rating policies established with a maximum limit of five years. | |
| 140. | Updating of the General Account must include personal information, address, signatures specimen and (major and additional) income sources of those who act on behalf of a customer or as his agent. DTFCs must establish procedures and policies in order to achieve the objectives relating to updating of the General Account. | |
| 141. | For accounts opened under official approvals or letters, such as government accounts updating period must not exceed max. 5 years. | |
| 142. | In case, there is any suspicion of money laundering or terrorist financing in any time relating to account holder or authorized persons, DTFCs must update the General Account with such information | |