Section 7K: New Technology or Non-Face to Face Customer or Transactions

1) The reporting entity shall identify and assess the money laundering or terrorist financing risks that may arise in relation to the use of new or developing technology or the development of new products, business practices, delivery channels, non-face-to-face customers or transactions.

2) Such risk identification and assessment pursuant to sub-section (1) shall be undertaken before the launch of the new product, business practice or the use of new or developing technology.

3) The reporting entity shall take adequate measures to manage the risks identified and assessed pursuant to sub-section (1).

4) The Reporting entity shall adopt policies and procedures to address the risks of money laundering and terrorist financing in relation to non-face-to-face customers when establishing a business relationship, conducting a transaction, or conducting customer due diligence with such customers.