Sri Lanka Consolidated Acts

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Financial Transactions Reporting (No. 6 of 2006) - Sect 5

Institutions to conduct ongoing due diligence and scrutiny of customers

5. An Institution shall-
(a) conduct ongoing due diligence on the business relationship with its customer ;
(b) conduct ongoing scrutiny of any transaction undertaken throughout the course of the business relationship with a customer to ensure that any transaction that is being conducted is consistent with the Institution's knowledge of the customer, the customer's business and risk profile, including, where necessary, the source of funds,
in order to ensure that its obligations under section 2 are satisfied and that the transactions conducted are consistent with the information that the Institution has of its customer and the profile of the customer's business.

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