Section 7Part 3 — Requirements in Relation to Directions
Customer due diligence
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7. (1) A direction given by the Financial Reporting Authority may require a relevant person to undertake enhanced customer due diligence measures —
before entering into a transaction or business relationship with a listed person; and
during a business relationship with that listed person.
The direction may do either or both of the following —
impose a general obligation to undertake enhanced customer due diligence measures;
require a relevant person to undertake specific measures identified or described in the direction.
A direction requiring a relevant person to undertake enhanced customer due diligence measures pursuant to subsection (1) or perform any requirement or undertaking under subsection (2) is without prejudice to the relevant person’s obligations or liabilities in relation to the same matters, where applicable, under the Proceeds of Crime Law (2017 Revision), the Money Laundering Regulations (2015 Revision), the Terrorism Law (2017 Revision) or the Terrorism (United Nations Measures) (Overseas Territories) Order, 2001. Proliferation Financing (Prohibition) Law Section 8 c Revised as at 1st day of May, 2017 Page 15
For the purposes of this section “enhanced customer due diligence measures” means measures to —
establish the identity of the listed person;
obtain information about the listed person, his business and source of his funds and economic resources; and
assess the risk of the listed person being involve in proliferation.