Section 33(2)

Paragraph (1)(b) does not apply when the customer is a branch or majority owned subsidiary undertaking of an entity which is established in a third country if all the following conditions are satisfied— the entity is— subject to requirements in national legislation having an equivalent effect to those laid down in the fourth money laundering directive on an obliged entity (within the meaning of that directive); and supervised for compliance with those requirements in a manner equivalent to section 2 of Chapter VI of the fourth money laundering directive; the branch or subsidiary complies fully with procedures and policies established for the group under requirements equivalent to those laid down in Article 45 of the fourth money laundering directive; and the relevant person, applying a risk-based approach, does not consider that it is necessary to apply enhanced customer due diligence measures.

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