7.3. Additional features of customer due diligence

Reviews of existing records

It must be ensured that docu-

ments, data and information col-

lected are kept up-to-date

Existing customers as of the date the

CDD requirements are brought into force

At appropriate times –

Should apply to all new customers

ongoing CDD

Should be determined using an RBA

Should apply to existing cus-

tomers on the basis of materiali-

The extend of the CDD measures

ty and risk

Customer due diligence (CDD) features, R. 10

E.g

Non face-to-face business

The purpose of an account or relationship

Securities transactions

which are required to

The level of assets to be deposited

be performed very rap-

The size of transactions undertaken

idly

The nature of business

Ownership structure

Control structure

(i) For legal persons

If no one is identified, then

(i.i) Natural persons who ultimately have

There is no need to

a controlling ownership interest in the le-

identify any share-

gal person

holder or beneficial

owner of a company

(i.ii) Natural persons exercising control of

listed on a stock ex-

the legal person through other means (e.g.

change and subject

owns more than 25% of the company)

to disclosure re-

quirements

(i.iii) The senior

managing official

The settlor, the trustee(s), the protector, the

(ii) For legal arrangements

beneficiaries and others (persons in similar

(trusts and other types)

positions) who have effective control

60

After the business rela-

After the date of the occa-

tion is ended

sional transaction

Information obtained

Account files and

Records on

through the CDD

business corre-

transactions

measures

spondence