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The Money Laundering Regulations 2007

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Meaning of customer due diligence measures

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5.  “Customer due diligence measures” means—

(a)identifying the customer and verifying the customer’s identity on the basis of documents, data or information obtained from a reliable and independent source;

(b)identifying, where there is a beneficial owner who is not the customer, the beneficial owner and taking adequate measures, on a risk-sensitive basis, to verify his identity so that the relevant person is satisfied that he knows who the beneficial owner is, including, in the case of a legal person, trust or similar legal arrangement, measures to understand the ownership and control structure of the person, trust or arrangement; and

(c)obtaining information on the purpose and intended nature of the business relationship.

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