10 December 2021
Outsourcing CDD to a third-party provider
Section 34 of the AML/CFT Act allows a reporting entity to authorise and rely on an agent to conduct CDD procedures on its behalf. An agent is a person that has legal authority to represent another party. If you outsource the above CDD procedures under section 34 to a third-party provider, the provider must be acting as your agent. In these circumstances, you remain responsible for ensuring that the CDD conducted by the third-party provider is undertaken to the level required by the AML/CFT Act. Read the full guidance on this page.
AML/CFT, Client money or property services provider, Crowdfunding providers, Cryptocurrencies, Financial Adviser, Roles, Business
Page, Guidance