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  • Section 6 Reliance on a Third Party

    • Article (19)

      1. Taking into consideration the high-risk countries identified by the Committee, the Financial Institutions and DNFBPs shall be permitted to rely on a third party to undertake the necessary CDD measures towards Customers as per Section 3 of Part 1 of this Chapter, and each of the Financial Institution and the DNFBP shall be responsible for the validity of these CDD measures, and shall do the following:
         
        1. Immediately obtain, from third parties, the necessary identification data and other necessary information collected through the CDD measures and ensure that copies of the necessary documents for such measures can be obtained without delay and upon request.
           
        2. Ensure that the third party is regulated and supervised, and adheres to the CDD measures towards Customers and record-keeping provisions of the present Decision.
           
      2. Financial Institutions and DNFBPs, who rely on third parties that are part of the same Financial Group,shall ensure that:
         
        1. The Financial Group applies the CDD, PEP, and record-keeping requirements and implements programs for combating the Crime in accordance with Sections 3, 4, 11 of Part 1 of this Chapter and Article (31) of this Decision, and the Financial Group is subject to supervision in that regard.
           
        2. The Financial Group sufficiently mitigates any high risks linked to countries through its own policies and controls for combating the Crime.