Which combination of Customer Due Diligence tasks can be carried out by Top Insurance Brokers Ltd on behalf of the life company?

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

Answer: (D)

Complete Customer Due Diligence includes identifying the customer, verifying the identity of the beneficial owner (where applicable), and obtaining information on the purpose and intended nature of the relationship. A life company may delegate these tasks to its intermediary under a written agreement with proper controls, allowing Top Insurance Brokers Ltd to carry out all three tasks on the life company’s behalf. This ensures the insurer has a full CDD—identifying who is involved, confirming who ultimately owns or controls the customer, and understanding why the relationship is being established—while the insurer retains ultimate responsibility for compliance and ongoing monitoring. Doing only one or two of the tasks would leave gaps in the CDD, whereas executing all three provides a complete and compliant risk assessment.