1. Approval from senior management to establish or continue business relations with the customer, including any payment to a beneficiary

 

2. Establish the source of wealth and source of funds of the customer

 

a.  Source of Wealth  

- origin of entire body of wealth and how it was acquired 

- provide evidence eg. salary details, tax returns, bank statements     .

 

b.  Source of Funds

- origin of the particular funds or other assets used to purchase the policy

-  establish the activity that generated the funds eg. is it from salary payments or sales proceeds

 

3. Conduct enhanced monitoring of business relations with the customer during the course of business relations