-8- Section 2 – PREVENTIVE MEASURES Article 4 Financial institutions and designated non-financial businesses and professions shall assess their money laundering and terrorism financing risks, including of new products or technologies. The risk assessment and any underlying information shall be documented in writing, be kept up-to-date and readily available for the supervisory authority to review at their request. Financial institutions and designated non-financial businesses and professions shall conduct enhanced due diligence measures where the risk of money laundering or terrorism financing is identified as being higher. Financial institutions and designated non-financial businesses and professions may conduct simplified due diligence measures where the risk of money laundering or terrorism financing is identified as being lower. Simplified due diligence measures may not be applied where there is a suspicion of money laundering or terrorism financing. Article 5 Financial institutions shall not maintain or open an account of unknown identity or in fictitious names. Financial institutions and designated non-financial business and professions shall carry out the following due diligence measures, taking into account the outcome of the risk assessment required to be carried out under Article 4: a. Identify and verify the identity of the customer and beneficial owner using reliable, independent source documents, data or information. b. Understand and, as appropriate, obtain information on the purpose and intended nature of the business relationship. c. Monitor the business relationship on an ongoing basis and examine any transactions carried out to ensure they are consistent with their knowledge of the customer, commercial activities and risk profile, and where required, the source of funds. d. Understanding the ownership and control structure of the customer. Due diligence measures under paragraph (2) of this Article shall be carried out: a. Before or during the course of opening an account or establishing a business relationship with a customer;