Estate Agents (Prevention of Money Laundering, Proliferation Financing and Terrorism Financing) Regulations 2021 · As enacted · Part 2A · Counterparty Due Diligence Measures
12D. Enhanced counterparty due diligence measures
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In addition to regulations 12B and 12C, a responsible person must perform the enhanced counterparty due diligence measures mentioned in paragraph (2) where any of the circumstances mentioned in regulation 6(2) exists in respect of an unrepresented counterparty or an associated person, as if the references to a relevant person in regulation 6(2) were references to an unrepresented counterparty or an associated person.
The enhanced counterparty due diligence measures to be performed are as follows:
obtain the approval of a designated officer of the licensed estate agent concerned before continuing to facilitate the entering into of an agreement for the acquisition or disposition of a property with the unrepresented counterparty;
take reasonable measures to establish the source of wealth, and the source of funds, of the unrepresented counterparty or associated person;
take all reasonable measures as are appropriate to the risks of money laundering, proliferation financing or terrorism financing in relation to the unrepresented counterparty.
Subregulation 1
In addition to regulations 12B and 12C, a responsible person must perform the enhanced counterparty due diligence measures mentioned in paragraph (2) where any of the circumstances mentioned in regulation 6(2) exists in respect of an unrepresented counterparty or an associated person, as if the references to a relevant person in regulation 6(2) were references to an unrepresented counterparty or an associated person.
Subregulation 2
The enhanced counterparty due diligence measures to be performed are as follows:
obtain the approval of a designated officer of the licensed estate agent concerned before continuing to facilitate the entering into of an agreement for the acquisition or disposition of a property with the unrepresented counterparty;
take reasonable measures to establish the source of wealth, and the source of funds, of the unrepresented counterparty or associated person;
take all reasonable measures as are appropriate to the risks of money laundering, proliferation financing or terrorism financing in relation to the unrepresented counterparty.