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Customer due diligence
Monday 07 March 2011
When is customer due diligence required for the purpose of complying with the Money Laundering Regulations 2007?
Regulation 7 requires that you conduct customer due diligence when:
- Establishing a business relationship
- Carrying out an occasional transaction
- You suspect money laundering or terrorist financing
- You doubt the veracity or adequacy of documents, data or information previously obtained for the purposes of customer due diligence.
There is no obligation to conduct customer due diligence in accordance with the regulations for retainers involving non-regulated activities. (For details of non-regulated activities please see Chapter 1 of the Law Society's Anti-money laundering practice note.
For further information on customer due diligence, please refer to Chapter 4 of the Law Society's Anti-money laundering practice note.
Anti money laundering regulation
- Third-party funds and Money Laundering Regulations
- Is a paragraph about money laundering on client care letters 'tipping off'?
- Sample client care letters for the Money Laundering Regulations 2007
- Client appearing on Treasury's financial sanctions list
- Due diligence over mother's contribution to house price
- Who is the anti-money laundering nominated officer?
- Instructed by MP in property purchase
- Money laundering: avoiding liability