Examples of Introduced Business in a sentence
FC-1.9 Introduced Business from Professional Intermediaries (continued) FC-1.9.4Should the conventional bank licensee not be satisfied that the introducer is in compliance with the requirements of the FATF Recommendations, the licensee must conduct its own customer due diligence on introduced business, or not accept further introductions, or discontinue the business relationship with the introducer.
FC-1.9 Introduced Business from Professional Intermediaries FC-1.9.1A conventional bank licensee may only accept customers introduced to it by other financial institutions or intermediaries, if it has satisfied itself that the financial institution or intermediary concerned is subject to FATF-equivalent measures and customer due diligence measures.
The basis for deciding that normal due diligence procedures need not be followed should be part of the FSP’s risk-based assessment and should be recorded and the record retained in accordance with the AMLRs. (See Appendix C for Introduced Business Flow Chart).
FC-1.9 Introduced Business from Professional Intermediaries (continued) FC-1.9.4Should the Islamic bank licensee not be satisfied that the introducer is in compliance with the requirements of the FATF Recommendations, the licensee must conduct its own customer due diligence on introduced business, or not accept further introductions, or discontinue the business relationship with the introducer.
MODULEFC: Financial CrimeCHAPTERFC-1: Customer Due Diligence FC-1.9 Introduced Business from Professional Intermediaries FC-1.9.1A conventional bank licensee may only accept customers introduced to it by other financial institutions or intermediaries, if it has satisfied itself that the financial institution or intermediary concerned is subject to FATF-equivalent customer due diligence measures.
In these and future financial statements, Inter Pipeline will refer to common shares, shareholders, restricted share units and dividends, which were formerly referred to as partnership units, unitholders, deferred unit rights and distributions under the partnership structure.
FC-1.9 Introduced Business from Professional Intermediaries FC-1.9.1An Islamic bank licensee may only accept customers introduced to it by other financial institutions or intermediaries, if it has satisfied itself that the financial institution or intermediary concerned is subject to FATF- equivalent measures and customer due diligence measures.
A financial institution is required to not only verify the identity of an intermediary but also to look through that entity to the underlying client(s) where the intermediary is not one of the financial institutions referred to as an eligible introducer (see Section on Introduced Business) and/or is not from a country with equivalent or higher AML/CFT standards of regulation.
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In satisfying this requirement, the financial institution should have regard to the nature of the intermediary, the domestic regulatory regime in which the intermediary operates, to its geographical base and to the type of business being done.Where, however, the intermediary is one of the financial institutions referred to in the section on Introduced Business, such verification is not required.