When a life company uses an intermediary to perform CDD, which tasks may the intermediary carry out on its behalf?

• A. Identifying a customer.
• B. Verifying the identity of the beneficial owner of a customer.
• C. Obtaining information on the purpose of the business relationship with a customer.
• D. Identifying a customer, Verifying the identity of the beneficial owner, and Obtaining information on the purpose of the business relationship.

Answer: (D)

The task set tests the scope of CDD that can be delegated to an intermediary. Under AML/CFT rules, the three elements—identifying who the customer is, verifying the identity of the beneficial owner, and gathering information on the purpose and intended nature of the business relationship—form the complete CDD picture. When a life company uses an intermediary to perform CDD, the intermediary may carry out all three tasks on the company’s behalf, as long as the life company retains ultimate responsibility for compliance, applies a proper risk-based approach, and maintains appropriate oversight, documentation, and ongoing monitoring. This full coverage ensures the company can assess who is behind the customer, who controls them, and why the relationship is being established, which together support effective detection of money laundering or terrorism financing.