Section 7J: Identifying and Verifying the Identify of the Customer From the Third Party

1) In the following cases, the service provider may carry out certain functions related to customer identification and satisfaction from a third party:

(a) If the referring institution is satisfied that the identity and satisfaction of the customer will be by this paragraph,

(b) If the indicting institution receives at once all the documents and information relating to the particulars used to identify and complete the client required under this paragraph and

(c) To ensure that all documents, details and information used to identify and verify the Customer are received immediately when requested by the referring institution.

2) Notwithstanding anything contained in sub-section (1), the referring institution shall not be entitled to accept the identity and address of the customer from the institution as a third party:

(a) In a country where such an institution is identified as not complying with, or only partially complying with, international standards on the prevention of the laundering of assets and the financing of terrorist acts,

(b) In the absence of a provision in accordance with this paragraph relating to the identification and satisfaction of the customer in such institution or

(c) If such an institution is not within the scope of regulation, inspection, and supervision about the prevention of financial investment in asset laundering and terrorist acts.

3) Notwithstanding the identification and verification of the Customer by a third party under sub-section (1), the ultimate responsibility for the identification and verification of the Customer under this paragraph shall be that of the Indicating Entity.