Payment on account in a financial institution in Belize

(1) Where a transaction involves payment by a client and the client does so by remitting funds from an account in a financial institution in Belize, it may be unnecessary to take any further steps to verify client identity if the IFS Practitioner has evidence identifying the branch or office of such financial institution and verifying that the account is in the name of the (2) Where business is placed over the telephone and payment is made in the manner specified in paragraph (1) above, an IFS Practitioner shall retain a record indicating how the transaction arose, in addition to a record of the relevant branch or office and the account name.