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Version status: In force | Document consolidation status: Updated to reflect all known changes
Version date: 31 December 2020 - onwards
  Version 4 of 4    

Regulation 37 Application of simplified customer due diligence

(1) A relevant person may apply simplified customer due diligence measures in relation to a particular business relationship or transaction if it determines that the business relationship or transaction presents a low degree of risk of money laundering and terrorist financing, having taken into account -

(a) the risk assessment it carried out under regulation 18(1);

(b) relevant information made available to it under regulations 17(9) and 47; and

(c) the risk factors referred to in paragraph (3).

(2) Where a relevant person applies simplified customer due diligence measures, it must -

(a) continue to comply with the requirements in regulations 28 and 30A, but it may adjust the extent, timing or type of the measures it undertakes under regulation 28 to reflect its determination under paragraph (1); and

(b) carry out sufficient monitoring of any business relationships or transactions which are subject to those measures to enable it to detect any unusual or suspicious transactions.

(3) Wh

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