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What should a reporting entity resort to if it is not possible to verify the identity of the client?

April 26, 2017client entity identity possible Resort verify

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What should a reporting entity resort to if it is not possible to verify the identity of the client?

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Where it is not possible to verify the identity of the client at the time of opening an account or executing any transaction, the banking company, financial institution and intermediary shall verify the identity of the client within a reasonable time after the account has been opened or the transaction has been executed.