Section 35(5)

A relevant person who proposes to have, or to continue, a business relationship with a PEP, or a family member or a known close associate of a PEP, must, in addition to the measures required by regulation 33— have approval from senior management for establishing or continuing the business relationship with that person; take adequate measures to establish the source of wealth and source of funds which are involved in the proposed business relationship or transactions with that person; and where the business relationship is entered into, conduct enhanced ongoing monitoring of the business relationship with that person.

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