Section 27(8)

A relevant person must also apply customer due diligence measures— when the relevant person has any legal duty in the course of the calendar year to contact an existing customer for the purpose of reviewing any information which— is relevant to the relevant person’s risk assessment for that customer, and relates to the beneficial ownership of the customer, including information which enables the relevant person to understand the ownership or control structure of a legal person, trust, foundation or similar arrangement who is the beneficial owner of the customer; when the relevant person has to contact an existing customer in order to fulfil any duty under the International Tax Compliance Regulations 2015 ; at other appropriate times to existing customers on a risk based approach; when the relevant person becomes aware that the circumstances of an existing customer relevant to its risk assessment for that customer have changed.

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Source: legislation.gov.uk · retrieved 2026-09-04