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| | | #redirect[[anti-money laundering]] |
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| Application of customer due diligence measures
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| {{quote|
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| 7.—(1) Subject to regulations 9, 10, 12, 13, 14, 16(4) and 17, a relevant person must apply customer due diligence measures when he—
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| ::(a)establishes a business relationship; .
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| ::(b)carries out an occasional transaction; .
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| ::(c)suspects money laundering or terrorist financing; .
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| ::(d)doubts the veracity or adequacy of documents, data or information previously obtained for the purposes of identification or verification. .
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| :(2) Subject to regulation 16(4), a relevant person must also apply customer due diligence measures at other appropriate times to existing customers on a risk-sensitive basis.
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| :(3) A relevant person must—
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| ::(a) determine the extent of customer due diligence measures on a risk-sensitive basis depending on the type of customer, business relationship, product or transaction; and .
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| ::(b) be able to demonstrate to his supervisory authority that the extent of the measures is appropriate in view of the risks of money laundering and terrorist financing. .
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| :(4) Where—
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| ::(a) a relevant person is required to apply customer due diligence measures in the case of a trust, legal entity (other than a body corporate) or a legal arrangement (other than a trust); and .
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| ::(b) the class of persons in whose main interest the trust, entity or arrangement is set up or operates is identified as a beneficial owner, .
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| the relevant person is not required to identify all the members of the class.
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| :(5) Paragraph (3)(b) does not apply to the National Savings Bank or the Director of Savings. }}
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