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The Money Laundering Regulations 2007

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Simplified due diligence

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3.  For the purposes of regulation 13(8), the conditions are—

(a)the product has a written contractual base;

(b)any related transaction is carried out through an account of the customer with a credit institution which is subject to the money laundering directive or with a credit institution situated in a non-EEA state which imposes requirements equivalent to those laid down in that directive;

(c)the product or related transaction is not anonymous and its nature is such that it allows for the timely application of customer due diligence measures where there is a suspicion of money laundering or terrorist financing;

(d)the product is within the following maximum threshold—

(i)in the case of insurance policies or savings products of a similar nature, the annual premium is no more than 1,000 euro or there is a single premium of no more than 2,500 euro;

(ii)in the case of products which are related to the financing of physical assets where the legal and beneficial title of the assets is not transferred to the customer until the termination of the contractual relationship (whether the transaction is carried out in a single operation or in several operations which appear to be linked), the annual payments do not exceed 15,000 euro;

(iii)in all other cases, the maximum threshold is 15,000 euro;

(e)the benefits of the product or related transaction cannot be realised for the benefit of third parties, except in the case of death, disablement, survival to a predetermined advanced age, or similar events;

(f)in the case of products or related transactions allowing for the investment of funds in financial assets or claims, including insurance or other kinds of contingent claims—

(i)the benefits of the product or related transaction are only realisable in the long term;

(ii)the product or related transaction cannot be used as collateral; and

(iii)during the contractual relationship, no accelerated payments are made, surrender clauses used or early termination takes place.

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