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Version status: In force | Document consolidation status: Updated to reflect all known changes
Version date: 26 June 2017 - onwards
  Version 2 of 2    

Regulation 31 Requirement to cease transactions etc

(1) Where, in relation to any customer, a relevant person is unable to apply customer due diligence measures as required by regulation 28, that person -

(a) must not carry out any transaction through a bank account with the customer or on behalf of the customer;

(b) must not establish a business relationship or carry out a transaction with the customer otherwise than through a bank account;

(c) must terminate any existing business relationship with the customer;

(d) must consider whether the relevant person is required to make a disclosure (or to make further disclosure) by -

(i) Part 3 of the Terrorism Act 2000 [2000 c.11.]; or

(ii) Part 7 of the Proceeds of Crime Act 2002 [2002 c. 29.].

(2) Paragraph (1)(a) does not prevent money deposited in an account being repaid to the person who deposited it, provided that, in any case where a disclosure is required by the legislation referred in paragraph (1)(d), the relevant person has -

(a) consent (within the meaning of section 21ZA of the T

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