(1) The indexing institution shall review the identity and confirmation and adequacy of existing customers and beneficial owners who are operating accounts or have commercial relationships at the time of commencement of this section and review the type and nature of such customers and beneficial owners, commercial relationships, transactions, products or Based on the risk of the service, country or geographical area or distribution system, the customer shall be identified and confirmed in accordance with this paragraph. (2) The period for identifying and confirming the customer as per sub-section (1) shall be as determined by the regulatory body.