The following is a simplified outline of this Part:
• A reporting entity must carry out a procedure to verify a customer's identity before providing a designated service to the customer. However, in special cases, the procedure may be carried out after the provision of the designated service.
• Certain pre - commencement customers are subject to modified identification procedures.
• Certain low - risk services are subject to modified identification procedures.
• A reporting entity must carry out ongoing customer due diligence.