Watchtower/Law library/Money Laundering, Terrorist.../29 Additional customer due diligence...
As last captured

Money Laundering, Terrorist Financing and Transfer of Funds... · CHAPTER 1 Customer due diligence: general

29 Additional customer due diligence measures: credit institutions and financial institutions

reg. 29 · in force: yes

Captured statutory text (L5)

29 Additional customer due diligence measures: credit institutions and financial institutions

(1)This regulation applies in addition to regulation 28 where a relevant person is a credit institution or a financial institution.
(2)Paragraphs (3) to (5) apply if the relevant person is providing a customer with a contract of long-term insurance (“the insurance policy”).
(3)As soon as the beneficiaries of the insurance policy are identified or designated, the relevant person must—
(a)if the beneficiary is a named person or legal arrangement, take the full name of the person or arrangement; or
(b)if the beneficiaries are designated by specified characteristics, as a class or in any other way, obtain sufficient information about the beneficiaries to satisfy itself that it will be able to establish the identity of the beneficiary before any payment is made under the insurance policy.
(4)The relevant person must verify the identity of the beneficiaries (on the basis of documents or information in either case obtained from a reliable source which is independent of the customer and the beneficiaries, and regulation 28(18)(b) applies for the purpose of determining whether a source satisfies this requirement) before any payment is made under the insurance policy.
(5)When the relevant person becomes aware that all or part of the rights under the insurance policy are being, or have been, assigned to an individual, body corporate, trust or other legal arrangement which is receiving the value or part of the value of the insurance policy for its own benefit ( “ the new beneficiary ”), the relevant person must identify the new beneficiary as soon as possible after becoming aware of the assignment, and in any case before a payment is made under the policy.
(6)The relevant person must not set up an anonymous account, an anonymous passbook or an anonymous safe-deposit box for any new or existing customer.
(7)The relevant person must apply customer due diligence measures to all anonymous accounts and passbooks in existence on the date on which these Regulations come into force, and in any event before such accounts or passbooks are used in any way.
(7A)The relevant person must apply customer due diligence measures to all anonymous safe-deposit boxes in existence on 10th January 2019, and in any event before such safe-deposit boxes are used in any way.
(8)A relevant person which—
(a)is an open-ended investment company within the meaning of regulation 2(1) of the Open-Ended Investment Companies Regulations 2001 ; and
(b)is authorised on or after the date on which these Regulations come into force,
may not issue shares evidenced by a share certificate (or any other documentary evidence) indicating that the holder of the certificate or document is entitled to the shares specified in it.
(9)Paragraph (8) does not apply to an open-ended investment company if—
(a)an application for an authorisation order under regulation 12 of the Open-ended Investment Companies Regulations 2001 was made in relation to that open-ended investment company before the date on which these Regulations come into force; and
(b)that application was not determined until a date on or after the date on which these Regulations come into force.
(10)Paragraphs (11) to (17) apply if the relevant person provides a customer with a new account into which monies are pooled (“pooled account”) on or after the day on which this paragraph comes into force.
(11)When providing a customer with a pooled account, the relevant person must—
(a)take reasonable measures to understand the purpose of the pooled account and how the customer proposes to use it;
(b)take steps to be satisfied that the purpose and proposed use under sub-paragraph (a) is consistent with the relevant person’s knowledge of the customer, the customer’s business and risk profile, and must conduct updated customer due diligence measures where it is not so satisfied; and
(c)once satisfied under sub-paragraph (b), assess the level of risk of money laundering and terrorist financing associated with the customer using the pooled account and take reasonable steps to manage and mitigate the risks arising from that use by the customer.
(12)In making an assessment under paragraph (11)(c), the relevant person must consider, among other things, the appropriateness of imposing controls on the pooled account to manage and mitigate the risks.
(13)The relevant person must be able to demonstrate to its supervisory authority that the extent of the measures it has taken to satisfy the requirements under paragraphs (11) and (12) is appropriate in view of the risks of money laundering and terrorist financing.
(14)When a customer has a pooled account with a relevant person, the customer must make available to the relevant person, on request from the relevant person, information on the identity of the persons on whose behalf monies are held in the pooled account and information on the identity of any beneficial owners of those persons.
(15)A customer which is provided with a pooled account by a relevant person must maintain accurate and up-to-date records in writing of all the monies that are paid into and out of the pooled account for a period of five years beginning, in the case of each payment into or out of the account, on the date on which the customer knows, or has reasonable grounds to believe, that the payment is complete.
(16)A customer of the relevant person must on request by any law enforcement authority provide information about itself and the management and use of any pooled account it has with the relevant person to that law enforcement authority.
(17)A customer is not required under paragraph (13), (14) or (16) to provide information which that person would be entitled to refuse to provide on grounds of legal professional privilege in proceedings in the High Court (or, in Scotland, on the ground of confidentiality of communications in the Court of Session).
(18)A disclosure made under paragraph (13), (14) or (16) is not to be taken to breach a duty of confidentiality owed by a professional legal adviser to a client of the adviser or any other restriction, however imposed, on the disclosure of information.
Full captured verbatim text
(1) This regulation applies in addition to regulation 28 where a relevant person is a credit institution or a financial institution.

(2) Paragraphs (3) to (5) apply if the relevant person is providing a customer with a contract of long-term insurance (“the insurance policy”).

(3) As soon as the beneficiaries of the insurance policy are identified or designated, the relevant person must—

(a) if the beneficiary is a named person or legal arrangement, take the full name of the person or arrangement; or

(b) if the beneficiaries are designated by specified characteristics, as a class or in any other way, obtain sufficient information about the beneficiaries to satisfy itself that it will be able to establish the identity of the beneficiary before any payment is made under the insurance policy.

(4) The relevant person must verify the identity of the beneficiaries (on the basis of documents or information in either case obtained from a reliable source which is independent of the customer and the beneficiaries, and regulation 28(18)(b) applies for the purpose of determining whether a source satisfies this requirement) before any payment is made under the insurance policy.

(5) When the relevant person becomes aware that all or part of the rights under the insurance policy are being, or have been, assigned to an individual, body corporate, trust or other legal arrangement which is receiving the value or part of the value of the insurance policy for its own benefit ( “ the new beneficiary ”), the relevant person must identify the new beneficiary as soon as possible after becoming aware of the assignment, and in any case before a payment is made under the policy.

(6) The relevant person must not set up an anonymous account, an anonymous passbook or an anonymous safe-deposit box for any new or existing customer.

(7) The relevant person must apply customer due diligence measures to all anonymous accounts and passbooks in existence on the date on which these Regulations come into force, and in any event before such accounts or passbooks are used in any way.

(7A) The relevant person must apply customer due diligence measures to all anonymous safe-deposit boxes in existence on 10th January 2019, and in any event before such safe-deposit boxes are used in any way.

(8) A relevant person which—

(a) is an open-ended investment company within the meaning of regulation 2(1) of the Open-Ended Investment Companies Regulations 2001 ; and

(b) is authorised on or after the date on which these Regulations come into force,

may not issue shares evidenced by a share certificate (or any other documentary evidence) indicating that the holder of the certificate or document is entitled to the shares specified in it.

(9) Paragraph (8) does not apply to an open-ended investment company if—

(a) an application for an authorisation order under regulation 12 of the Open-ended Investment Companies Regulations 2001 was made in relation to that open-ended investment company before the date on which these Regulations come into force; and

(b) that application was not determined until a date on or after the date on which these Regulations come into force.

(10) Paragraphs (11) to (17) apply if the relevant person provides a customer with a new account into which monies are pooled (“pooled account”) on or after the day on which this paragraph comes into force.

(11) When providing a customer with a pooled account, the relevant person must—

(a) take reasonable measures to understand the purpose of the pooled account and how the customer proposes to use it;

(b) take steps to be satisfied that the purpose and proposed use under sub-paragraph (a) is consistent with the relevant person’s knowledge of the customer, the customer’s business and risk profile, and must conduct updated customer due diligence measures where it is not so satisfied; and

(c) once satisfied under sub-paragraph (b), assess the level of risk of money laundering and terrorist financing associated with the customer using the pooled account and take reasonable steps to manage and mitigate the risks arising from that use by the customer.

(12) In making an assessment under paragraph (11)(c), the relevant person must consider, among other things, the appropriateness of imposing controls on the pooled account to manage and mitigate the risks.

(13) The relevant person must be able to demonstrate to its supervisory authority that the extent of the measures it has taken to satisfy the requirements under paragraphs (11) and (12) is appropriate in view of the risks of money laundering and terrorist financing.

(14) When a customer has a pooled account with a relevant person, the customer must make available to the relevant person, on request from the relevant person, information on the identity of the persons on whose behalf monies are held in the pooled account and information on the identity of any beneficial owners of those persons.

(15) A customer which is provided with a pooled account by a relevant person must maintain accurate and up-to-date records in writing of all the monies that are paid into and out of the pooled account for a period of five years beginning, in the case of each payment into or out of the account, on the date on which the customer knows, or has reasonable grounds to believe, that the payment is complete.

(16) A customer of the relevant person must on request by any law enforcement authority provide information about itself and the management and use of any pooled account it has with the relevant person to that law enforcement authority.

(17) A customer is not required under paragraph (13), (14) or (16) to provide information which that person would be entitled to refuse to provide on grounds of legal professional privilege in proceedings in the High Court (or, in Scotland, on the ground of confidentiality of communications in the Court of Session).

(18) A disclosure made under paragraph (13), (14) or (16) is not to be taken to breach a duty of confidentiality owed by a professional legal adviser to a client of the adviser or any other restriction, however imposed, on the disclosure of information.

What this provision means

Model summary, checked against the text on the left.

Relevance to Signicat: 2/3 · detailed summary (L4) Status: ok · Stored artifact; current recipe verification unavailable

Credit and financial institutions must identify and verify insurance beneficiaries, apply CDD to existing anonymous accounts, and manage pooled account risks.

(1) This regulation applies in addition to regulation 28 where a relevant person is a credit institution or a financial institution.
(6) The relevant person must not set up an anonymous account, an anonymous passbook or an anonymous safe-deposit box for any new or existing customer.
(11) When providing a customer with a pooled account, the relevant person must—
Credit institutions and financial institutions must identify and verify beneficiaries of long-term insurance policies before payment. Relevant persons must not set up anonymous accounts, passbooks, or safe-deposit boxes, and must apply customer due diligence to existing ones before use. Open-ended investment companies may not issue bearer-style share certificates. When providing pooled accounts, institutions must understand and assess risks, while customers must provide identity information of underlying beneficiaries on request and keep accurate transaction records for a period of five years.
identity_proofing.data_verificationkyb.ubo_controlmonitoring.ongoing_kycretention.archive

Refers to

cross-reference internal_cite · reg. 28

Referred to by

cross-reference internal_cite · reg. 19

cross-reference internal_cite · reg. 3

cross-reference internal_cite · reg. 30

cross-reference internal_cite · reg. 33

cross-reference internal_cite · reg. 37

cross-reference internal_cite · reg. 40

cross-reference internal_cite · reg. 8

cross-reference internal_cite · Sch. 6 para. 7

cross-reference internal_cite · Sch. 7 para. 24

Part summaries

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synthesis coverage: missing evaluation uk:uksi/2017/692#schedule-4-paragraph-15A

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synthesis coverage: missing evaluation uk:uksi/2017/692#schedule-4-paragraph-19

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synthesis coverage: missing evaluation uk:uksi/2017/692#schedule-7-paragraph-17

synthesis coverage: missing evaluation uk:uksi/2017/692#schedule-7-paragraph-18

synthesis coverage: missing evaluation uk:uksi/2017/692#schedule-7-paragraph-19

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synthesis coverage: missing evaluation uk:uksi/2017/692#schedule-7-paragraph-27

synthesis coverage: missing evaluation uk:uksi/2017/692#schedule-7-paragraph-28

synthesis coverage: missing evaluation uk:uksi/2017/692#schedule-7-paragraph-29

synthesis coverage: missing evaluation uk:uksi/2017/692#schedule-7-paragraph-30

synthesis coverage: missing evaluation uk:uksi/2017/692#schedule-7-paragraph-31

synthesis coverage: missing evaluation uk:uksi/2017/692#schedule-7-paragraph-32

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synthesis coverage: missing evaluation uk:uksi/2017/692#schedule-7-paragraph-34

synthesis coverage: missing evaluation uk:uksi/2017/692#schedule-7-paragraph-35

Instrument tier unavailable

Change history as published

Reg. 22 omitted (31.12.2020) by virtue of The Money Laundering and Transfer of Funds (Information) (Amendment) (EU Exit) Regulations 2019 (S.I. 2019/253), regs. 1(2), 5(4) (with savings in S.I. 2019/680, reg. 11); 2020 c. 1, Sch. 5 para. 1(1)

Pt. 5A omitted (1.9.2022) by virtue of The Money Laundering and Terrorist Financing (Amendment) (No. 2) Regulations 2022 (S.I. 2022/860), regs. 1(5), 10 · repeated 8×

Sch. 7 para. 27 revoked (24.2.2025) by The Procurement Act 2023 (Consequential and Other Amendments) Regulations 2025 (S.I. 2025/163), reg. 1(2), Sch. Pt. 2

Pending effects amendments not yet applied to this text

reg. 3(1) words inserted by The Money Laundering and Transfer of Funds (Information) (Amendment) (EU Exit) Regulations 2019 reg. 3(b) · Effective date unknown · reg. 3

reg. 34A inserted by The Money Laundering and Terrorist Financing (Amendment) Regulations 2026 reg. 20 · Effective date unknown

Sch. 6 para. 7(ga) inserted by The Money Laundering and Terrorist Financing (Amendment) Regulations 2026 reg. 36(b) · Effective date unknown · Sch. 6 para. 7

Provenance

Every claim the system makes about this text is traceable to these identifiers.

Instrument
uk:uksi/2017/692
Part
CHAPTER 1 Customer due diligence: general
Version
c5a0271554697d8359bede8a…
Content hash
sha256 3bb844d83e644211b95def4e…
Source
legislation.gov.uk/uksi/2017/692