PART 2CUSTOMER DUE DILIGENCE

Meaning of customer due diligence measures5

“Customer due diligence measures” means—

a

identifying the customer and verifying the customer's identity on the basis of documents, data or information obtained from a reliable and independent source;

b

identifying, where there is a beneficial owner who is not the customer, the beneficial owner and taking adequate measures, on a risk-sensitive basis, to verify his identity so that the relevant person is satisfied that he knows who the beneficial owner is, including, in the case of a legal person, trust or similar legal arrangement, measures to understand the ownership and control structure of the person, trust or arrangement; and

c

obtaining information on the purpose and intended nature of the business relationship.