Section 7G: Provision for Identification of Existing Customers

1)The Indicating Entity shall, after reviewing the identity and adequacy of the existing customer and the customer in respect of the real estate entity who was operating the account or maintaining the business relationship at the time of the commencement of this section, identify and satisfy the customer in accordance with this section based on the type and nature of such customer and the real estate entity, the type and nature of the business relationship, the kind of business relationship, the business, the product or service, the country or geographical area or the risk of the distribution system.

2) The regulatory body shall prescribe the period for the customer’s identification and verification under sub-section (1).