Version status: In force | Document consolidation status: Updated to reflect all known changes
Version date: 26 November 2018 - onwards
    Version 1 of 1    

34A. Simplified customer due diligence.

(1) Subject to section 33(1)(c) and (d), a designated person may take the measures specified in sections 33(2) and 35 in such manner, to such extent and at such times as is reasonably warranted by the lower risk of money laundering or terrorist financing in relation to a business relationship or transaction where the designated person -

(a) identifies in the relevant business risk assessment, an area of lower risk into which the relationship or transaction falls, and

(b) considers that the relationship or transaction presents a lower degree of risk.

(2) For the purposes of identifying an area of lower risk a designated person shall have regard to -

(a) the matters specified in section 30A(2),

(b) the presence of any factor specified in Schedule 3, and

(c) any additional prescribed factor suggesting potentially lower risk.

(3) Where a designated person applies simplified due diligence measures in accordance with subsection (1) it shall -

(a) keep a record of the reasons for its determin