Financial institutions are expected to rely on reliable and independent source documents, data, or information. For individuals, this involves confirming date of birth, residential address, contact details, and the validity of official documentation. In the case of legal persons or legal arrangements, financial institutions are required to undertake searches on public registries or databases, review annual reports or relevant financial statements, and examine board resolutions.
The regulations also emphasise the importance of record-keeping and maintaining up-to-date customer information. Financial institutions must retain records obtained through customer due diligence measures, account files, business correspondence, and analysis results for at least five years after the termination or cessation of a business relationship or an occasional transaction.