Answer
Regulation 7 requires that you conduct customer due diligence when:
- establishing a business relationship
- carrying out an occasional transaction
- uou suspect money laundering or terrorist financing
- you doubt the veracity or adequacy of documents, data or information previously obtained for the purposes of customer due diligence.
There is no obligation to conduct customer due diligence in accordance with the regulations for retainers involving non-regulated activities. (For details of non-regulated activities please see Chapter 1 of the Law Society's Anti-money laundering practice note). For further information on customer due diligence, please refer to Chapter 4 of the Anti-money laundering practice note.
View the Anti-money laundering practice note
Contact the Practice Advice Service
Call us on 0870 606 2522 or email practiceadvice@lawsociety.org.uk
Disclaimer
While every effort has been made to ensure the accuracy of the information provided by the Practice Advice Service, it does not constitute legal advice and cannot be relied upon as such. The Law Society does not accept any responsibility for liabilities arising as a result of reliance upon the information given.