Section 7J: Identification and Verification by Third Party

1) The reporting entity may rely on a third party to undertake some elements of customer identification and verification in the following circumstances:

(a) If the reporting entity is satisfied that all identification and verification of the customer is carried out as per this chapter,

(b )If information on identification and verification required by this chapter will be made available to the reporting entity without delay as per necessity, and

(c) If the reporting entity is satisfied that all copies of identification and verification data and documents will be made available from the third party upon request, without delay.

2) Notwithstanding whatever is written in sub-section (1), no identification and verification of a customer made by a third party shall be acceptable for the reporting entity:

(a) If such a third party or institution belongs to a country identified as deficient country in compliance with the international anti-money laundering and combating  financing of terrorism standards, or

(b) If such a third party or institution does not have measures in place consistent with the requirements set out in this chapter,

(c) If such institutions are not under regulation, control and supervision to prevent and combat money laundering and terrorism financing.

3) Notwithstanding the identification and verification of the Customer by a third party under sub-section (1), the ultimate responsibility for customer identification and verification under this chapter shall remain with the reporting entity relying on the third party.