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The Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017
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- UK Statutory Instruments
- 2017 No. 692
- PART 3
- CHAPTER 1
- Regulation 30
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30.—(1) This regulation applies when a relevant person is required to take any measures under regulation 27, 28 or 29.
(2) Subject to paragraph (3) or (4), a relevant person must comply with the requirement to verify the identity of the customer, any person purporting to act on behalf of the customer and any beneficial owner of the customer before the establishment of a business relationship or the carrying out of the transaction.
(3) Provided that the verification is completed as soon as practicable after contact is first established, the verification of the customer, any person purporting to act on behalf of the customer and the customer’s beneficial owner, may be completed during the establishment of a business relationship if—
(a)this is necessary not to interrupt the normal conduct of business; and
(b)there is little risk of money laundering and terrorist financing.
(4) The verification by a credit institution or a financial institution of the identity of a customer opening an account, any person purporting to act on behalf of the customer and any beneficial owner of the customer, may take place after the account has been opened provided that there are adequate safeguards in place to ensure that no transactions are carried out by or on behalf of the customer before verification has been completed.
(5) For the purposes of paragraph (4) “account” includes an account which permits transactions in transferable securities.
(6) Paragraph (7) applies if—
(a)the relevant person is required to apply customer due diligence measures in the case of a trust, a legal entity (other than a body corporate) or a legal arrangement (other than a trust); and
(b)the beneficiaries of that trust, entity or arrangement are designated as a class, or by reference to particular characteristics.
(7) If this paragraph applies, the relevant person must establish and verify the identity of any beneficiary before—
(a)any payment is made to the beneficiary; or
(b)the beneficiary exercises its vested rights in the trust, legal entity or legal arrangement.
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