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  1. Point in time
    2005-11-17

ML 4.2 MLRO access to know your business information

ML 4.2.1R
  1. (1)

    A relevant firm must take reasonable steps to give its MLRO, or any person to whom the MLRO's duties have been delegated, access to any know your business information it has.

  2. (2)

    Know your business information in (1) is information about:

    1. (a)

      the financial circumstances of a client or any person on whose behalf the client has been acting or is acting; and

    2. (b)

      the features of the transactions which the relevant firm has entered into with or for the client (or that person).

ML 4.2.2G

In order to do his job properly, the MLRO has to decide whether to make a report to NCIS. In most cases, before taking the decision to make a report, the MLRO is likely to need access to a relevant firm's know your business information.

ML 4.2.3G

A relevant firm is not required to increase the amount of information it gathers and keeps about its clients in the normal course of its business. Rather, a relevant firm should use its existing client information effectively by making such information readily available to its MLRO.