8.3. Lower-risk situations for simplified customer due diligence measures

Lower risk factors, R. 10, IN, (H)

Financial institutions may be allowed

to apply simplified CDD measures

Having low level of criminal

It was identified by a mutual evaluation

activity, e.g. corruption

E.g. a single premi-

Having effective AML/CFT systems

um is less than

USD/EUR 2,500;

(b) Product, service, transaction, delivery channel

an annual premium

is less than

Life insurance policies where the premium is low

USD/EUR 1,000

Insurance policies for pen-

There is no early surrender option

sion schemes

The policy cannot be used as collateral

A pension, superannuation,

Contributions are made by way of de-

etc. that provides retirement

duction from wages

benefits to employees

The scheme rules

Appropriately defined and limited financial products or

do not permit the

services provided to certain types of customers, so as to

assignment of a

increase accesses for financial inclusion purposes

member’s interest

67

8.4. Enhanced customer due diligence measures

Financial institutions should examine

As far as possible

Background

Purpose

Of

Complex transac-

Unusual large trans-

Unusual patterns of

tions

actions

transactions

The measures should be

Occupation

Information from

consistent with the risks

public databases

identified

E.g.

Enhanced CDD measures, R. 10, IN, (H)

The customer

Obtaining

Volume of assets

Selecting patterns of transactions

Increasing the number and

that need further examination

timing of controls applied