An offshore securities branch shall rigorously undertake Customer Due Diligence(CDD) measures in accordance with the provisions of the Money Laundering Control Act, the Terrorism Financing Prevention Act, the requirements of the competent authority regarding documents, materials, or information that must be obtained or verified (as specified in the attachment), and the provisions of the Guidelines Governing Anti-Money Laundering and Countering Terrorism Financing of Securities Firms adopted by the Taiwan Securities association, and incorporate the measures into its internal control and internal audit items.
For customers that were pre-existing customers before the enforcement of the provisions of these Regulations that were amended and issued on 18 August 2017, an offshore securities branch shall re-perform CDD measures and review their degree of risk by 31 December 2017. However, the CDD measures shall be re-performed immediately under the following circumstances:
- When there is any doubt about the veracity of a customer's information, such as when a suspected money laundering transaction by the customer is discovered, or when any material change occurs in the operation of the customer's account that is not consistent with the customer's business profile.
- When the time arrives for regular updating of the customer's identity information.