Under Article 8 of AML-CFT Decision, LFIs are required to identify and verify the identity of all customers. As stipulated in the Guidelines on Anti-Money Laundering and Combating the Financing of Terrorism and Illegal Organisations for Financial Institutions, the identification and verification of the identity of customers is a fundamental component of an effective ML/FT risk management and mitigation program. Please see Section 6.3.1 of the above-mentioned Guidelines for further information on customer identification.