9. Financial institution secrecy laws
Countries should ensure that financial institution secrecy laws do not inhibit implementation of the FATF Recommendations.
Customer due diligence and record-keeping
Financial institutions should be prohibited from keeping anonymous accounts or accounts in obviously fictitious names.
Financial institutions should be required to undertake customer due diligence (CDD) measures when:
(i) establishing business relations;
(ii) carrying out occasional transactions: (i) above the applicable designated threshold (USD/EUR 15,000); or (ii) that are wire transfers in the circumstances covered by the Interpretive Note to Recommendation 16;
(iii) there is a suspicion of money laundering or terrorist financing; or
(iv) the financial institution has doubts about the veracity or adequacy of previously obtained customer identification data.
The principle that financial institutions should conduct CDD should be set out in law. Each countr
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