Estate Agents (Prevention of Money Laundering, Proliferation Financing and Terrorism Financing) Regulations 2021 · As enacted · Part 2 · Customer Due Diligence Measures
9. Ongoing monitoring
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Where a licensed estate agent has an ongoing business relationship with a client, a responsible person must perform ongoing monitoring in accordance with this regulation.
The responsible person must periodically review the information and documents obtained as a result of the customer due diligence measures under these Regulations to —
ascertain whether the transactions carried out by the client are consistent with the responsible person’s knowledge of the client; and
identify suspicious transactions, including transactions or patterns of transactions that are inconsistent with the client’s profile.
The responsible person must periodically review the adequacy of information and documents obtained as a result of the customer due diligence measures under these Regulations, particularly in cases where there is a higher risk of money laundering, proliferation financing or terrorism financing, to ensure that the information in respect of —
each client;
a beneficial owner of each client;
a person on whose behalf each client is acting; and
a beneficial owner of each such person,is kept current.
Subregulation 1
Where a licensed estate agent has an ongoing business relationship with a client, a responsible person must perform ongoing monitoring in accordance with this regulation.
Subregulation 2
The responsible person must periodically review the information and documents obtained as a result of the customer due diligence measures under these Regulations to —
ascertain whether the transactions carried out by the client are consistent with the responsible person’s knowledge of the client; and
identify suspicious transactions, including transactions or patterns of transactions that are inconsistent with the client’s profile.
Subregulation 3
The responsible person must periodically review the adequacy of information and documents obtained as a result of the customer due diligence measures under these Regulations, particularly in cases where there is a higher risk of money laundering, proliferation financing or terrorism financing, to ensure that the information in respect of —
each client;
a beneficial owner of each client;
a person on whose behalf each client is acting; and
a beneficial owner of each such person,is kept current.