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Version status: In force | Document consolidation status: Updated to reflect all known changes
Version date: 10 January 2023 - onwards
  Version 3 of 3    

Regulation 35 Enhanced customer due diligence: politically exposed persons

(1) A relevant person must have in place appropriate risk-management systems and procedures to determine whether a customer or the beneficial owner of a customer is -

(a) a politically exposed person (a "PEP"); or

(b) a family member or a known close associate of a PEP,

and to manage the enhanced risks arising from the relevant person’s business relationship or transactions with such a customer.

(2) In determining what risk-management systems and procedures are appropriate under paragraph (1), the relevant person must take account of -

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

(b) the level of risk of money laundering and terrorist financing inherent in its business;

(c) the extent to which that risk would be increased by its business relationship or transactions with a PEP, or a family member or known close associate of a PEP, and

(d) any relevant information made available to the relevant person under regulations 17(9) and 47.

(3) If a relevant person has deter

Comparing proposed amendment...