Regulations Governing Anti-money Laundering of Agricultural Financial Institutions Article 8

Agricultural financial institutions shall observe the following provisions in checking the names of customers and trading counterparties:1. An agricultural financial institution shall establish policies and procedures for checking the names of customers and trading counterparties using a risk-based approach to detect, match and filter customers, senior managerial officers or beneficial owners of customers, or trading counterparties that are individuals, legal entities or organizations sanctioned under the Terrorism Financing Prevention Act or terrorists or terrorist groups identified or investigated by a foreign government or an international anti-money laundering organization.2. The policies and procedures for checking the names of customers and trading counterparties of an agricultural financial institution shall include at least matching and filtering logics, implementation procedures and inspection standards, and shall be documented.3. An agricultural financial institution shall document its name and account checking operations and maintain the records for a time period in accordance with Article 11 herein.