12B. General counterparty due diligence measures

A responsible person must, before a client enters into any agreement with an unrepresented counterparty for the acquisition or disposition of a property —

determine the risks of the unrepresented counterparty engaging in money laundering, proliferation financing or terrorism financing, or any combination of these activities, and document the determination and the conclusions reached; and

perform the customer due diligence measures in regulation 4(2)(a) to (e) as if the references to the client in those provisions were references to the unrepresented counterparty.