(1) The Secretary of State may by regulations impose requirements on a person who is carrying on business in the United Kingdom (a "relevant person") -
(a) to obtain specified information about a customer (or prospective customer) -
(i) before entering into a business relationship with them, or
(ii) during a business relationship with them;
(b) to identify discrepancies between information so obtained and information made publicly available by the registrar, and
(c) to report any discrepancies to the registrar.
(2) The regulations may require the relevant person, when reporting discrepancies, to provide such other information as may be required by the regulations (including information about the relevant person).
(3) The regulations may provide for reports or other information delivered to the registrar under the regulations to be withheld from public inspection.
(4) The regulations may create offences in relation to failures to comply with requirements imposed by the regulations.
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