Regulation 9

Customer due diligence measures for existing customers

of Precious Stones and Precious Metals (Prevention of Money Laundering, Terrorism Financing and Proliferation Financing) Regulations 2019

Subsidiary LegislationIn forceProvision 11 of 27

A regulated dealer may, based on the regulated dealer’s assessment of materiality and risk, perform the customer due diligence measures mentioned in regulations 5 to 8 in relation to any existing customer using information previously obtained from customer due diligence measures in relation to the same customer, taking into account —

(a)

when customer due diligence measures (if any) were last applied to that customer; and

(b)

the adequacy of information already obtained by the regulated dealer in relation to that customer.

Read in full context — Precious Stones and Precious Metals (Prevention of Money Laundering, Terrorism Financing and Proliferation Financing) Regulations 2019 →