Version status: In force | Document consolidation status: Updated to reflect all known changes
Version date: 26 November 2018 - onwards
  Version 4 of 4    

37. Enhanced customer due diligence - politically exposed persons.

(1) A designated person shall take steps to determine whether or not -

(a) a customer, or a beneficial owner connected with the customer or service concerned, or

(b) a beneficiary of a life assurance policy or other investment-related assurance policy, or a beneficial owner of the beneficiary,

is a politically exposed person or an immediate family member, or a close associate, of a politically exposed person.

(2) The designated person shall take the steps referred to in subsection (1) -

(a) in relation to a person referred to subsection (1)(a), prior to -

(i) establishing a business relationship with the customer, or

(ii) carrying out an occasional transaction with, for or on behalf of the customer or assisting the customer to carry out an occasional transaction,

and

(b) in relation to a person mentioned in subsection (1)(b) -

(i) prior to the payout of the policy, or

(ii) at the time of the assignment, in whole or in part, of the policy

(3) The steps to be taken are such steps as are