Regulations Governing Anti-Money Laundering and Countering the Financing of Terrorism for Certified Public Accountants Article 9

A CPA shall conduct ongoing due diligence on the business relationship and observe the following provisions:1. A CPA shall scrutinize transactions undertaken throughout the business relationship to ensure that the transactions being conducted are consistent with the CPA's knowledge of the customer, its business and risk profile, including, where necessary, the source of funds.2. A CPA shall periodically review the existing records to ensure that documents, data or information of the customer and its beneficial owner(s) collected under the CDD process are kept up-to-date, particularly for higher risk categories of customers, whose reviews shall be conducted at least once every year.3. A CPA shall apply CDD requirements to existing customers on the basis of materiality and risk, and after taking into account whether and when CDD measures have previously been undertaken and the adequacy of data obtained, conduct due diligence on such existing relationships at appropriate times, including when learning of any material change to the customer's identity and background information.4. A CPA may rely on existing customer records to undertake identification and verification. Therefore, a CPA is allowed to carry out transactions without repeatedly identifying and verifying the identity of an existing customer. However, a CPA shall conduct CDD measures again in accordance with Article 7 herein if he or she has doubts about the veracity or adequacy of the records, such as, where there is a suspicion of money laundering in relation to that customer, or where there is a material change in the way that the customer's transactions or account are operated, which is not consistent with the customer's business profile.