Article 8 Additional Measures

ensure that its branch or subsidiary established in the third country restricts the nature and type of products and services provided by the branch or subsidiary in the third country to those that present a low money laundering and terrorist financing risk and have a low impact on the group's risk exposure;

ensure that other obliged entities of the same group do not rely on customer due diligence measures carried out by a branch or subsidiary established in the third country, but instead carry out customer due diligence on any customer of a branch or subsidiary established in the third country who wishes to be provided with products or services by any other branch or subsidiary of the same group;

carry out enhanced reviews, including, where this is commensurate with the money laundering and terrorist financing risks associated with the operation of the branch or subsidiary established in the third country, carry out on-site checks or order the performance of independent audits, to be satisfied that the branch or subsidiary effectively identifies, assesses and manages the money laundering and terrorist financing risks;

ensure that their branches or subsidiaries established in the third country seek prior approval from the senior management of the parent undertaking or the obliged entity for the establishment and maintenance of higher-risk business relationships, or for carrying out of higher-risk occasional transactions;

ensure that it branches or subsidiaries established in the third country determine and document the source of funds and wealth and, where applicable, the destination of funds to be used in the business relationship or occasional transaction;

ensure that it branches or subsidiaries established in the third country carry out enhanced ongoing monitoring of the business relationship including enhanced transaction monitoring, until the branches or subsidiaries are reasonably satisfied that they understand the money laundering and terrorist financing risks associated with the business relationship and enhanced ongoing monitoring is no longer needed in view of the risk situation;

ensure that it branches or subsidiaries established in the third country share with the parent undertaking or the obliged entity the underlying suspicious transaction report information that gave rise to the knowledge, suspicion or reasonable grounds to suspect that money laundering and terrorist financing was attempted or occurred, such as the facts, transactions, circumstances and documents on which the knowledge or suspicions are based, including personal data to the extent permissible under the law of the third country;

carry out enhanced ongoing monitoring of any customer and, where applicable, beneficial owner of a customer of a branch or subsidiary established in the third country who is known to have been the subject of a suspicious transaction report filed by another entity within the same group;

ensure that it branches or subsidiaries established in the third country keep the risk profile and due diligence information related to a customer of a branch or subsidiary established in the third country up to date and secure as long as legally possible, and in any case for at least the duration of the business relationship;

require the branch or subsidiary established in the third country to regularly provide relevant information to the obliged entity’s or parent undertaking’s senior management, so that it is able to assess the money laundering risk, terrorist financing risk and the risk of non-implementation or evasion of targeted financial sanctions associated with the operation of such a branch or subsidiary and the impact this has on the obliged entity and the group, such as:

require the branch or subsidiary to terminate the relationship(s) or to not carry out the occasional transaction(s);

close down or ensure the divestment of some or all of the operations or activities provided by the branch or subsidiary established in the third country.