(1) This regulation applies in respect of the duty under regulation 7(1)(a) and (b) to apply the customer due diligence measures referred to in regulation 5(a) and (b).
(2) Subject to paragraphs (3) to (5) and regulation 10, a relevant person must verify the identity of the customer (and any beneficial owner) before the establishment of a business relationship or the carrying out of an occasional transaction.
(3) Such verification may be completed during the establishment of a business relationship if -
(a) this is necessary not to interrupt the normal conduct of business; and
(b) there is little risk of money laundering or terrorist financing occurring,
provided that the verification is completed as soon as practicable after contact is first established.
(4) The verification of the identity of the beneficiary under a life insurance policy may take place after the business relationship has been established provided that it takes place at or before the time of payout or at or befor