A. Due Diligence Measures

At a minimum, due diligence measures shall comprise the following: a) The financial institution shall identify the customer and verify the customer’s identity based on documents, data or information received from an authenticated and autonomous source that is well known, reputable and trusted by the financial institution. In all cases, the source of information shall not be the financial institution or the customer, but rather an independent source. For example, information and documents issued by government bodies are considered to be from reliable and independent sources. Moreover, customer identification shall be made as follows 3 : - Natural Person: The person’s full name according to official documents shall be obtained and verified in addition to the residence or national address, date and place of birth, nationality, and source of income. - Legal Person: The person’s name shall be obtained and verified in addition to the information about its legal status, proof of incorporation, powers regulating and governing the legal person’s work or the legal arrangement, names of all of its managers and senior executives, registered official address, place of business (if different), and the legal person’s sources of revenue. b) The financial institution should identify the person acting on behalf of the customer and verify its identity through an authenticated and autonomous source to ensure that such person is actually authorized to act in this capacity. Adequate measures shall be taken to identify the person acting on behalf of the customer, including the nature of business relationship between that person and the customer in addition to applying the measure set under Item (a). c) The financial institution shall identify the beneficial owner and take adequate measures to verify the identity of the beneficial owner using documents, data or information from an authenticated and independent source as mentioned under the Beneficial Owner Section . d) The financial institution shall understand the purpose and nature of the business relationship and obtain additional related information if needed. e) The financial institution shall understand the ownership and control structure of the (legal person) customer. 3.4 The financial institution shall develop the necessary procedures to collect sufficient information about customers and their expected use of products and services. The details and nature of the information are determined according to the degree and level of risks as high-risk customers and business relationships require greater scrutiny compared to those with lower risk. Therefore, the financial institution shall specify whether it should collect and verify any additional information based on the degree of risk posed by the customer and the business relationship. 3.5 The financial institution may choose not to carry out due diligence measures for each of the customer’s transactions since it can rely on the information previously obtained in this regard, provided that such information is updated, appropriate, and not suspicious. 3.6 The financial institution shall not accept customers or business relationships or carry out transactions without knowing the name and verifying the information of the customer or beneficial owner. The financial institution shall not accept customers, establish business relationships, or carry out transactions under names consisting of numbers or codes or using anonymous or fictitious names.