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(1) An accountable institution shall obtain information from or in respect of

 (a) a client who establishes a business relationship or concludes a single transaction, or

 (b) a prospective client who seeks to establish a business relationship or conclude a   single transaction.

(2) An accountable institution shall obtain information whenever it is reasonably   necessary with a view to obtaining additional information

(a) related to a business relationship or single transaction which poses a particularly high risk of facilitating money laundering activities, or

(b) to enable the accountable institution identify proceeds of an unlawful activity.

(3) The information shall take into account any guidelines related to the verification of identity or the reporting of suspicious or unusual transactions which may apply to that accountable institution.

(4)   The information which an accountable institution shall obtain shall be adequate to    reasonably enable the accountable institution determine whether transactions involving the client referred to are consistent with the accountable institution's knowledge of that    client and are in compliance with the Act, these Regulations and the internal rules.

(5) The client's business activities shall include particulars related to the

(a) source of that client's income, or

(b) source of the funds, which that client expects to use to conclude the single transaction or transactions in the course of the business relationship.