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

30B. Application of risk assessment in applying customer due diligence.

(1) For the purposes of determining the extent of measures to be taken under subsections (2) and (2A) of section 33 and subsections (1) and (3) of section 35 a designated person shall identify and assess the risk of money laundering and terrorist financing in relation to the customer or transaction concerned, having regard to -

(a) the relevant business risk assessment,

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

(c) any relevant risk variables, including at least the following:

(i) the purpose of an account or relationship;

(ii) the level of assets to be deposited by a customer or the size of transactions undertaken;

(iii) the regularity of transactions or duration of the business relationship;

(iv) any additional prescribed risk variable,

(d) the presence of any factor specified in Schedule 3 or prescribed under section 34A suggesting potentially lower risk,

(e) the presence of any factor specified in Schedule 4, and

(f) any additional prescribed factor suggesting potentially higher