Regulatory Alerts2022-05-17
Acting on behalf of a customer factsheet
The document clarifies identification and verification requirements under the Anti-Money Laundering and Countering Financing of Terrorism Act 2009 for persons acting on behalf of a customer. Reporting entities must obtain specific personal details and verify both the identity and authority of these individuals using reliable sources, regardless of whether standard or simplified customer due diligence applies. The guidance further distinguishes between unrelated third-party transactions and those conducted under customer instruction to determine when customer due diligence obligations are triggered.
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