Revocation of CHA License - appellant failed to verify the ...

April 6, 2024

Case Laws     Customs     AT

Revocation of CHA License - appellant failed to verify the address at which the two clients operated and that requirement of ‘know your customer (KYC)’ was entirely different - The appellant was accused of breaching obligations related to verifying client identity and operations at the declared address. Despite the appellant's argument of compliance with KYC norms and reliance on precedent, the tribunal found that they failed to exercise due diligence in verifying client antecedents, especially in the diamond trade. While setting aside certain penalties, the tribunal upheld the forfeiture of the security deposit, emphasizing the importance of regulatory compliance and diligence in customs brokerage.

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