Article 34 › 4

With the exception of the cases covered by Section 2 of this Chapter, in cases of higher risk as referred to in paragraph 1 of this Article, obliged entities shall apply enhanced due diligence measures, proportionate to the higher risks identified, which may include the following measures: (a) obtaining additional information on the customer and the beneficial owners; (b) obtaining additional information on the intended nature of the business relationship; (c) obtaining additional information on the source of funds, and source of wealth of the customer and of the beneficial owners; (d) obtaining information on the reasons for the intended or performed transactions and their consistency with the business relationship; (e) obtaining the approval of senior management for establishing or continuing the business relationship; (f) conducting enhanced monitoring of the business relationship by increasing the number and timing of controls applied, and selecting patterns of transactions that need further examination; (g) requiring the first payment to be carried out through an account in the customer’s name with a credit institution subject to customer due diligence standards that are not less robust than those laid down in this Regulation.

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Source: EUR-Lex CELLAR · retrieved 2026-09-04