Prior to opening a customer account, a Trading Member shall satisfy itself that it has:
(a) obtained adequate particulars of each customer;
(b) verified the identity of each customer, and in the case of a non-individual customer verified that it is validly constituted and that the person opening the account has the requisite authority to do so, and in the case of an agency customer, verified the identity of the principal and the customer's authority to trade for its principal;
(c) agreed with the customer procedures for the communication of trading instructions to guard against unauthorised trading (if applicable); and
(d) understood each customer's risk appetite and investment objectives (if applicable),
in accordance with applicable know-your-customer laws and regulatory requirements.