Section 7H: Time Frame for the Identification of the Customers

1) The Reporting entity shall identify and verify its customer and beneficial owner before establishing a business relationship, opening an account during the relationship, or carrying out occasional transactions.

2)Notwithstanding whatever is written in subsection (1),  may make delayed verification of the identity of the customer in the following circumstances after the establishment as soon as possible within three days:

(a) If verification may occur as soon as reasonably practical,

(b) If it is impossible to verify the identification of a customer due to practical reasons and verification would interrupt the normal conduct of business and

(c) If the risk of Money Laundering or terrorist acts is effectively managed.

3) Notwithstanding anything contained in sub-section (2), the indicting agency shall verify the identity of the customer and the actual beneficiary by sub-section (1) concerning the following customers and transactions:

(a) the client is a high-risk or high-profile individual or a family member or associate of such individual or

(b) If the activities of the customer are suspicious.