1. Financial Institutions, DNFBPs, and Virtual Asset Service Providers shall verify the identity of the Customer and the Beneficial Owner before or during the establishment of a Business Relationship or the opening of an account, or prior to carrying out a Transaction for a Customer with whom no such relationship exists. 2. In cases of low crime risk, Financial Institutions, DNFBPs, and Virtual Asset Service Providers may defer the completion of Customer identity verification until after the establishment of the Business Relationship, subject to the following conditions: a. Verification shall be completed as soon as possible after the commencement of the Business Relationship or execution of the Transaction; b. The deferral shall be necessary so as not to disrupt the normal course of business; c. Appropriate and effective measures shall be applied to control the risks of the Crime. 3. Financial Institutions, DNFBPs, and Virtual Asset Service Providers shall take measures to manage risks in circumstances where the Customer is able to benefit from the Business Relationship prior to the completion of the verification process.
Interpretation and application must be checked against the official text and current version.