Estate Agents (Prevention of Money Laundering, Proliferation Financing and Terrorism Financing) Regulations 2021 · As enacted · Part 2A · Counterparty Due Diligence Measures
12C. Counterparty due diligence measures for an unrepresented counterparty that is entity or legal arrangement or acting on behalf of entity or legal arrangement
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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.
Subregulation 1
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.
Subregulation 2
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.