Section 29(11)

When providing a customer with a pooled account, the relevant person must— take reasonable measures to understand the purpose of the pooled account and how the customer proposes to use it; 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 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.

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