where a financial institution relies on a third party belonging to the same financial group and (i) applies the fixed-term and registration requirements in accordance with Recommendations 10, 11 and 12, as well as to anti-money laundering and countering the financing of terrorism programmes in accordance with Recommendation 18; and (ii) where the effective implementation of those fixed-term and registration requirements and the AML/CFT programmes is supervised by a competent authority at group level, the competent authorities may expect the financial institution to apply measures in accordance with points (b) and (c) as part of its group programme and decide that (d) dependency is not necessary if the group`s AmL/CFT policy adequately reduces a higher country risk. 8.39 You exempt TMF from any act, claim, cost (including all legal fees), claims, expenses, undertakings and proceedings that TMF, directly on the basis of or as part of its reliance on the assurances and guarantees contained in this application, with respect to your identification procedures, the system for verifying and maintaining up-to-date information and documentation and the provision of KYC documents to TMF upon request: Your identification procedure, the system for verifying and keeping information and documents up to date and the provision of KYC documents to TMF upon request, in accordance with the provisions laid down in this application. 8.22 You have written contractual terms with any company introduced that properly informs the introduced company of the amL laws and regulatory system requirements in the BVI and you confirm that you will not modify or modify these contractual conditions to remove these tips. or to fulfill your obligations under this application. A draft agreement relating thereto shall be accompanied by this request. 8.3 You have entered into a written agreement with each imported company that authorises and directs you to act as an authorised representative and to give instructions to TMF for and on behalf of the company set up, which TMF can rely on in relation to the provision of the RORA services. Countries may allow financial institutions to rely on third parties or to launch operations to implement the coD measures set out in Recommendation 10, provided that the following criteria are met. If such trust is allowed, the final responsibility for fixed-term actions rests with the financial institution that relies on the third party. 1. This Recommendation shall not apply to outsourcing or agency relationships.
In a third-party dependency scenario, the third party should be subject to coD and registration requirements in accordance with Recommendations 10 and 11 and be regulated, supervised or monitored. As a general rule, the third party will have an existing business relationship with the customer, independent of the relationship that the customer must establish with the trust institution, and would apply its own procedures to implement the fixed-term contract measures. This can be compared to an outsourcing/agency scenario in which the outsourced entity applies the CSD measures on behalf of the delegated financial institution in accordance with its procedures and is subject to the control of the delegated financial institution over the effective implementation of those procedures by the outsourced entity. (e) all other documents required from time to time under the laws of the AML. 8.4 You have satisfactory proof of the identity of: 2. For the purposes of Recommendation 17, “competent competent authorities” means (i) the home authority, which should be associated with the understanding of group policies and controls at group level, and (ii) the host authorities that should be associated with the branches/subsidiaries. (d) written confirmation of the origin of the origin of the source and, where applicable, of the origin of the funds of all verification entities; and (a) a form of government-issued photographic identity card containing a signature and photo of the verification sub-ident (or a clear and duly certified copy thereof); 8.36 TMF will notify you of any changes in BVI`s laws or practices that will or likely affect the terms of this application, these terms and conditions or the basis for TMF`s provision of RORA services. . .