Regulations Governing Anti-Money Laundering and Countering the Financing of Terrorism for Jewelry Businesses Article 4-1

Jewelry businesses shall conduct ongoing due diligence for a customer who has been continuously trading transactions based on the following provisions:1.They shall scrutinize the transactions and ensure that the transactions are consistent with the nature of customers’ business and their ML/TF risk profile, including, where necessary, the source of funds.2.They shall periodically review the existing records to ensure that documents, data or information of the customer collected under the CDD process are kept up-to-date. If the customer is at higher risk and shall be reviewed at least once every year.3.They shall apply CDD requirements to existing customers on the basis of materiality and risk. This provision shall also apply when they learn about any material change in customers’ identity and background information.4.The process of identifying and verifying the customer’s identity does not need to repeatedly every time a customer engages in a transaction. If they have doubts about the veracity of customers’ information, suspect that customers are involved in money laundering or terrorist financing, they shall verify the identity of customers again in accordance with preceding article.