Section 8Part 3 — Requirements in Relation to Directions
Ongoing monitoring
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8. (1) A direction given by the Financial Reporting Authority may require a relevant person to undertake enhanced ongoing monitoring of any business relationship with a listed person.
The direction may do either or both of the following —
impose a general obligation to undertake enhanced ongoing monitoring;
require a relevant person to undertake specific measures identified or described in the direction.
For the purposes of this section, “enhanced ongoing monitoring” of a business relationship means —
keeping up-to-date information and documents obtained for the purposes of enhanced customer due diligence measures; and
scrutinising transactions undertaken during the course of the business relationship and, where appropriate, the source of funds and economic resources for those transactions, to ascertain whether the transactions are consistent with the relevant person’s knowledge of the listed person and the business of that listed person.