Exceptions
5.—(1) Except in circumstances falling within regulation 4(2)(b)(i), identification procedures under regulation 4 do not require A to take steps to obtain evidence of any person’s identity in any of the following circumstances.
(2) Where A has reasonable grounds for believing that B—
(a)carries on in the United Kingdom relevant business falling within any of sub-paragraphs (a) to (e) of regulation 2(2), is not a money service operator and, if carrying on an activity falling within regulation 2(2)(a), is an authorised person with permission under the 2000 Act to carry on that activity;
(b)does not carry on relevant business in the United Kingdom but does carry on comparable activities to those falling within sub-paragraph (a) and is covered by the Money Laundering Directive; or
(c)is regulated by an overseas regulatory authority (within the meaning given by section 82 of the Companies Act 1989) and is based or incorporated in a country (other than an EEA State) whose law contains comparable provisions to those contained in the Money Laundering Directive.
(3) Where—
(a)A carries out a one-off transaction with or for a third party pursuant to an introduction effected by a person who has provided a written assurance that evidence of the identity of all third parties introduced by him will have been obtained and recorded under procedures maintained by him;
(b)that person identifies the third party; and
(c)A has reasonable grounds for believing that that person falls within any of sub-paragraphs (a) to (c) of paragraph (2).
(4) In relation to a contract of long-term insurance—
(a)in connection with a pension scheme taken out by virtue of a person’s contract of employment or occupation where the contract of long-term insurance—
(i)contains no surrender clause; and
(ii)may not be used as collateral for a loan; or
(b)in respect of which a premium is payable—
(i)in one instalment of an amount not exceeding 2,500 euro; or
(ii)periodically and where the total payable in respect of any calendar year does not exceed 1,000 euro.
(5) Where the proceeds of a one-off transaction are payable to B but are instead directly reinvested on his behalf in another transaction—
(a)of which a record is kept; and
(b)which can result only in another reinvestment made on B’s behalf or in a payment made directly to B.