35. For the purposes of this guidance, a customer refers, in accordance with the FATF Recommendation 10, to any person ["Person" in this context refers to natural and legal persons or legal arrangements.] who enters into a business relationship or carries out an occasional financial transaction with the bank. The customer due diligence should be applied not only to customers but also to persons acting on their behalf and beneficial owners. [The term "beneficial owner" is used in this guidance paper consistently with the definition and clarifications provided by the FATF standards. As a reminder, the FATF defines a "beneficial owner" as the natural person(s) who ultimately owns or controls a customer and/or natural person on whose behalf a transaction is being conducted. It also includes those persons who exercise ultimate effective control over a legal person or arrangement.] In accordance with the FATF standards, banks should identify customers and verify their identity. [See Interpretive note to Recommendation 1 of the FATF. This requirement applies unless the country has determined through a risk assessment that particular types of activities (and customers associated with the activities) may, on a limited basis, be exempted because there is a proven low risk of ML or FT in line with the interpretive note to Recommendation 1.]