This legislation mandates that a designated person must gather sufficient information regarding the purpose and nature of a customer’s business relationship prior to its establishment, as dictated by the risks associated with money laundering or terrorist financing.

Should the designated person fail to obtain such information due to the customer's non-cooperation, they must withhold services until compliance is achieved. Continuous monitoring of business relationships is required, particularly in line with regulations concerning the beneficial ownership of trusts and corporate entities, ensuring robust compliance to avoid penalties, which can include substantial fines or imprisonment.