Regulation 11 Identification procedures; supplementary provisions

(1)

For the purposes of these Regulations, evidence of identify is satisfactory if—

(a)

it is reasonably capable of establishing that the applicant is the person he claims to be; and

(b)

the person who obtains the evidence is satisfied, in accordance with the procedures maintained under these Regulations in relation to the relevant financial business concerned, that it does establish that fact.

(2)

In determining for the purposes of regulation 7(1) above the time span in which satisfactory evidence of a person’s identity has to be obtained, in relation to any particular business relationship or one-off transaction, all the circumstances shall be taken into account including, in particular—

(a)

the nature of the business relationship or one-off transaction concerned;

(b)

the geographical locations of the parties;

(c)

whether it is practical to obtain the evidence before commitments are entered into between the parties or before money passes;

(d)

in relation to Case 3 or 4, the earliest stage at which there are reasonable grounds for believing that the total amount payable by an applicant for business is ecu 15,000 or more.