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What is verification?

 
AML-CFT
What is verification?

In accordance with section 24 (1) of the AMLTF Code of Practice, identification and verification should be undertaken where an individual in relation to the applicant for business is:

  • the applicant or joint applicant;
  • the beneficial owner;
  • a director, or a person with a similar position responsible for the management; or
  • acting on behalf of the applicant.