Section 28(4)

Subject to paragraph (5), where the customer is beneficially owned by another person, the relevant person must— identify the beneficial owner; take reasonable measures to verify the identity of the beneficial owner so that the relevant person is satisfied that it knows who the beneficial owner is; and if the beneficial owner is a legal person, trust, company, foundation or similar legal arrangement take reasonable measures to understand the ownership and control structure of that legal person, trust, company, foundation or similar legal arrangement.

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