Section 7E: Identification of the Customer

1) The indicting entity shall take appropriate measures regarding the identification of the bulk customer when establishing a business relationship with or transacting with such customer:

(a) The client is at high risk by the risk assessment carried out in accordance with sections 7D,7 and 35,

(b) A client carrying on a complex, large or unusual business activity for which no economic or legal purpose is apparent,

(c)  A client from a country that is internationally recognised as not complying with international standards on the prevention of financial investment in money laundering and terrorist acts,

(d) A high-ranking person and a member of the family of such person and a person associated with him or a client,

(e) A consumer carrying on business according to sub-section 7,

(f) Customers who use new high-risk products or services,

(g) A client suspected of wrongdoing or any other wrongdoing in connection with the laundering of property and the financing of terrorist acts or

(h) Other clients designated by the regulatory body.

2) The indicting agency shall also take such additional measures as may be prescribed by the regulatory body while identifying the bulk customers of the customers under sub-section (1).

3) Other arrangements for identifying the bulk customers will be as prescribed.