Regulation 14 Amendment of regulation 27 (customer due diligence)

In regulation 27^f1—

(a)

in paragraph (1)(b), for “1,000 euros” substitute “£800”;

(b)

in paragraph (2), for “15,000 euros” substitute “£12,000”;

(c)

in paragraph (3), for “10,000 euros” substitute “£10,000”;

(d)

in paragraph (5), for “2,000 euros” substitute “£2,000”;

(e)

in paragraph (7), for “2,000 euros” substitute “£2,000”;

(f)

in paragraph (7A)—

(i)

in the opening words, insert “occasional” after “any”;

(ii)

in sub-paragraph (ii), for “10,000 euros” substitute “£10,000”;

(g)

in paragraph (7C)(a)—

(i)

insert “occasional” after “any such”;

(ii)

for “or series of linked transactions,” substitute “whether executed in a single operation or in several operations which appear to be linked,”;

(iii)

for “10,000 euros” substitute “£10,000”;

(h)

in paragraph (7C)(b), for “10,000 euros” substitute “£10,000”;

(i)

in paragraph (7E), for “1,000 euros” substitute “£800”.

Annotations

f1: Paragraph (2) of regulation 27 was amended by S.I. 2019/1511 and S.I. 2022/860; paragraphs (7A) and (7C) were inserted by S.I. 2019/1511; paragraph (7E) was inserted by S.I. 2022/860.