Regulation 12C

Where an unrepresented counterparty is an entity or a legal arrangement, or where an unrepresented counterparty is acting on behalf of an entity or a legal arrangement, a responsible person must perform the customer due diligence measures in regulation 5(2) to (5) on the entity or legal arrangement as if the references to the client in those provisions were references to the unrepresented counterparty.

The responsible person need not perform the customer due diligence measures in regulation 5(2) to (5) on the entity if the responsible person verifies that the entity is an Organ of State, a Ministry or a department of the Government, or a statutory board.