Version status: In force | Document consolidation status: Updated to reflect all known changes
Version date: 15 July 2010 - onwards
  Version 4 of 4    

898F. Obligations of paying agents where contractual relations entered into before 1 January 2004.

(1) This section applies for the purposes of enabling a paying agent to establish the identity and residence of an individual to whom the agent may make an interest payment or for whom the agent may secure an interest payment where the agent entered into contractual relations with the individual before 1 January 2004.

(2) A paying agent shall as respects contractual relations entered into before 1 January 2004 between the paying agent and an individual establish -

(a) the identity of each such individual consisting of his or her name and address in accordance with the procedure set out in subsection (3), and

(b) the residence of each such individual in accordance with the procedure set out in subsection (4).

(3) A paying agent shall establish the name and address of an individual using all relevant information at its disposal, in particular information which is acceptable for the purposes of Chapter 3 of Part 4 of the Criminal Justice (Money Laundering and Terrorist Financing) Act