2. Identification essential to conduct of business of Institution

enters into a continuing business relationship, or in the absence of such a relationship, conducts any transaction, with any customer ;

detects the carrying out of an electronic funds transfer by a customer, other than any prescribed transactions ;

entertains a suspicion relating to the commission of an unlawful activity ; or

entertains doubts about the veracity or adequacy of the customer identification and verification documentation or information it had previously obtained.

the official or identifying document or documents, or the reliable and independent source documents, data or information or other evidence that is required for identification or verification of any particular customer or class of customers ;

the timing of the identification and verification requirements under this section ; and

the threshold for, or the circumstances in which, the provisions of this section shall apply to transactions carried on by the customers of an Institution.

if the transaction is part of an existing and regular business relationship with a person who has already produced satisfactory evidence of identify unless the Institution has reason to suspect that the transaction is suspicious or unusual ;

if the transaction is an occasional transaction not exceeding a prescribed sum unless the Institution has reason to suspect that the transaction is suspicious or unusual ;

if any person has been a customer of the Institution prior to the enactment of this Act, subject to a phase-in period which shall not exceed three years :

in such other circumstances as may be prescribed by regulations made in that behalf.