Section 6
of Criminal Asset Recovery Order, 2012
Section 6
(1)
Financial institutions or designated non-financial businesses and professions shall, with respect to each customer, obtain and verify, as part of their obligation under section 5 –
(a)
in the case of an individual, his full name and address, identity card number or details of any official document of identity, date and place of birth;
(b)
in the case of a legal person, the corporate name, head office address, identities of directors, proof of incorporation or similar evidence of legal status and legal form, provisions governing authority to bind the legal person, and such information as is necessary to understand the ownership and control of the legal person;
(c)
in the case of for legal arrangements, the name of trustees, the settler, and the beneficiary of express trusts, and any other parties with authority to manage, vary or otherwise control the arrangement;
(d)
in addition to the identity of the customer, the identity of any person acting on behalf of a customer, including evidence that such person is properly authorised to act in that capacity;
(e)
information on the intended purpose and nature of each business relationship –
(i)
sufficient information about the nature and business of the customer to permit the financial institution or designated business and profession to fulfill its obligations under this Order.
Incorporating amendments until S 22/2017
(Cleancopy) NHN/Amiriah/Bb/Karimah as of 26.12.2019
*Note: amendment on page 7,75,81,123 on 11.01.2020
24
BLUV as at 11th March 2017
(2)
For the purposes of section 5(1)(c) with regards the carrying out of wire transfers, the following information relating to the persons carrying out the transaction are required in the message accompanying the transfer –
(a)
the name of the originator;
(b)
the originator’s account number, or in the absence of an account number, a unique reference number;
(c)
the originator’s address, or in the absence of an address, the national identity number, or the customer identification number, or the date and place of birth;
(d)
the name of the beneficiary; and
(e)
the beneficiary’s account number, or in the absence of an account number, a unique reference number.
(3)
Notwithstanding the requirements of subsection (2), a financial institution is not required to verify the identity of a customer with which it has an existing business relationship:
Provided that it is satisfied that it already knows and has verified the true identity of the customer.
(4)
When a financial institution acts as an intermediary in a chain of payments, it shall retransmit all of the information it received with the wire transfer.
(5)
The Authority may issue such directions to modify the requirements set forth in subsection (2) –
(a)
with respect to domestic wire transfers, as long as the regulations provide for full originator information to be made available to the beneficiary financial institution and appropriate authorities by other means; and
(b)
with respect to cross-border transfers where individual transfers from a single originator are bundled in a batch file, as long as the regulations provide for the originator’s account number or unique reference number to be included, and that the batch file contains full originator information that is fully traceable in the recipient country.
Incorporating amendments until S 22/2017
(Cleancopy) NHN/Amiriah/Bb/Karimah as of 26.12.2019
*Note: amendment on page 7,75,81,123 on 11.01.2020
25
BLUV as at 11th March 2017
(6)
Subsections (2) and (3) shall not apply to transfers executed as a result of credit card or debit card transactions:
Provided that the credit card or debit card number accompanies the transfer resulting from the transaction nor shall they apply to transfers between financial institutions acting for their own account.
(7)
If the institutions referred to in subsection (1) receive wire transfers that do not contain the complete originator information, they shall take measures to obtain and verify the missing information from the ordering institution or the beneficiary and shall refuse acceptance of the transfer and report it to the Financial Intelligence Unit if the missing information is not so obtained and verified.
(8)
Where the transaction in section 5(1)(c) is an international wire transfer, the financial institution or designated non-financial business and professions is required to include the information in subsection (2) with the message or payment form.
Verification procedures.