16. Customer due diligence

shall not open or operate any anonymous account or any account which is in a fictitious, false or incorrect name;

shall not establish or conduct any business relationship, transaction or activity involving a fictitious, false or incorrect name; and

shall maintain—

accounts in the name of an account holder; and

records or information of any business relationship, transaction or activity in the name of a customer.

establishing or conducting a business relationship, conducting any transaction with a customer or carrying out any activity for or on behalf of a customer, whether the customer is an occasional or usual customer, including when opening a new account or passbook, entering into any fiduciary transaction, renting of a safe deposit box, performing any other transaction or activity as the competent authority may specify;

the transaction or activity to be carried out exceeds such amount as the competent authority may specify;

regardless of any amount, there is a reasonable suspicion of the commission of a money laundering offence, a terrorism financing offence or a restricted activity financing offence;

there is reasonable doubt about the veracity or adequacy of previously obtained customer identification data.

ascertain the identity, representative capacity, domicile, legal capacity, occupation or business purpose of any person, whether he is an occasional or usual customer;

verify, by reliable means or from an independent source, or from any document, data or information, the identity, representative capacity, domicile, legal capacity, occupation or business purpose of any person, through the use of documents which include identity card, passport, birth certificate, driver’s licence, constituent document or

verify the identity and authority of any person purporting to act on behalf of a customer in the opening of an account, the conduct of any transaction or the carrying out of any activity;

take reasonable steps to obtain and record information about the true identity of any person on whose behalf an account is opened or a transaction or activity is conducted if there is reasonable doubt that the person is not acting on his own behalf, particularly where the person is not conducting any commercial, financial or industrial operations in a foreign State where the person has his headquarters or domicile; and

take reasonable steps to verify the identity of natural persons who own or exercise effective control over a customer who is not a natural person.

to give full effect to internationally accepted standards for the detection or prevention of a money laundering offence, a terrorism financing offence or a restricted activity financing offence; and

to specify additional and ongoing customer due diligence measures to be undertaken by a reporting institution.

“activity” refers to a single activity or a series of activities including any attempted activity or proposed activity for the purposes of activity carried out by a reporting institution under the First Schedule and as may be specified by the competent authority;

“person” includes any person who is a nominee, agent, beneficiary, beneficial owner or principal and any other person specified by the competent authority in relation to a transaction or activity;

“transaction” refers to a single transaction or a series of transactions including any attempted transaction or proposed transaction or any transaction specified by the competent authority pursuant to any directions, instruction, guideline, circular, standard, notice, specification or requirement issued, or any condition imposed under this