Regulation 4

before carrying out any estate agency work for a client — enter into an agreement with the client which sets out the terms of the business relationship between the client and licensed estate agent; and

in relation to the acquisition or disposition of each property by a client and before the client enters into any agreement for such acquisition or disposition —

determine the risks of the client engaging in money laundering, proliferation financing or terrorism financing, or any combination of these activities; and

document the determination and the conclusions reached.

obtain the client’s identifying information, document the information obtained and obtain the client’s written acknowledgment that the information obtained is accurate;

verify the client’s identity using reliable and independent sources (such as the client’s identity card, passport or other document of identity issued by a government, for a client who is an individual);

ascertain whether the client is acting on behalf of any other person, and if so —

obtain appropriate documentary evidence (such as an authorisation letter or power of attorney) to verify that the client is authorised to act on behalf of that other person;

if that other person is a natural person — identify and take reasonable measures to verify the identity of that other person, using reliable and independent sources; and

if that other person is an entity or a legal arrangement — perform the customer due diligence measures specified in regulation 5 in relation to that other person;

where the client is an entity or a legal arrangement, perform the customer due diligence measures specified in regulation 5; and

take reasonable measures to determine whether the client or any person on whose behalf the client is acting is a politically‑exposed person or a family member or close associate of a politically‑exposed person.