The Custodian will perform the Know Your Customer ("KYC")/ Customer Due Diligence ("CDD") process on the Depositor and the Partner Bank (i.e. deposit taking bank) is not required to undertake a separate KYC/ CDD on the underlying Depositor. The Partner Bank will perform a KYC/CDD on the Custodian who is opening the Deposit Account (a.k.a. Bare Trust Account or Nominee Account) with the Partner Bank.
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