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A non-bank financial institution shall

(a) demand proof of and record the identity of its clients or customers, when establishing business relations or conducting transactions, in particular;

(i) opening of accounts or issuing of passbooks where applicable,

(ii) entering into fiduciary transactions, or

(iii) performing large cash transactions, and

(b) through its directors, officers and employees report promptly to the Bank and relevant law enforcement agencies any suspected money laundering activity related to an account held with the non-bank financial institution.