Regulations Governing Anti-Money Laundering and Countering Terrorism Financing of Financial Technology Innovative Experimentation Article 4

If there exists any of the following situations in the DD process, an applicant should decline to establish business relationship or carry out any transaction with the participant:1.The participant is suspected of opening an anonymous account or using a fake name, a nominee, a shell company or legal person/organization to establish business relationship;2.The participant refuses to provide the required documents for identifying and verifying his/her identity;3.Where any person acts on behalf of a participant, it is difficult to check and verify the fact of authorization and identity-related information;4.The participant uses forged or altered identification documents;5.The participant only provides photocopies of identification documents; the preceding provision does not apply to businesses of an innovative experimentation where a photocopy or image file of the identification document supplemented with other control measures are acceptable as approved by the competent authority;6.Documents provided by the participant are suspicious or unclear, the participant refuses to provide other supporting documents or documents provided by the participant cannot be verified;7.The participant procrastinates in providing supporting identification documents in an unusual manner;8.The participant is an individual, a legal person or an organization sanctioned under the Terrorism Financing Prevention Act, or a terrorist or terrorist legal person or an organization identified or investigated by a foreign government or an international organization, except for payments made under Article 6 of the Terrorism Financing Prevention Act; or9.Other unusual circumstances exist in the process of establishing business relationship or conducting transaction and the participant fails to provide reasonable explanations.