16 July 2021
Amended Identity Verification Code of Practice 2013
AML/CFT amended identity verification code of practice 2013 provides a suggested best practice for all reporting entities conducting name and date of birth identity verification on customers (that are natural persons).
Complying with a code of practice is not mandatory, although it constitutes a safe harbour. If a reporting entity fully complies with the code it is deemed to be compliant with the relevant parts of the Act. If a reporting entity opts out of the code, it must inform its supervisor and must adopt practices that are equally effective, otherwise, it risks non-compliance.
Complying with a code of practice is not mandatory, although it constitutes a safe harbour. If a reporting entity fully complies with the code it is deemed to be compliant with the relevant parts of the Act. If a reporting entity opts out of the code, it must inform its supervisor and must adopt practices that are equally effective, otherwise, it risks non-compliance.
AML/CFT, Roles, Business
Page, Guidance