Section 33(1)

A relevant person must apply enhanced customer due diligence measures and enhanced ongoing monitoring, in addition to the customer due diligence measures required under regulation 28 and, if applicable, regulation 29, to manage and mitigate the risks arising— in any case identified as one where there is a high risk of money laundering or terrorist financing— by the relevant person under regulation 18(1), or in information made available to the relevant person under regulations 17(9) and 47; in any business relationship ... with a person established in a FATF call for action country or in relation to any relevant transaction where either of the parties to the transaction is established in a FATF call for action country; in relation to correspondent relationships with a credit institution or a financial institution (in accordance with regulation 34); if a relevant person has determined that a customer or potential customer is a PEP, or a family member or known close associate of a PEP (in accordance with regulation 35); in any case where the relevant person discovers that a customer has provided false or stolen identification documentation or information and the relevant person proposes to continue to deal with that customer; in any case where— a transaction is unusually complex or unusually large in each case given the nature of the transaction, there is an unusual pattern of transactions, or the transaction or transactions have no apparent economic or legal purpose, and in any other case which by its nature can present a higher risk of money laundering or terrorist financing.

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