Regulation 17 Transitional provisions

Nothing in these Regulations shall require a person who is bound by regulation 5(1) above to maintain procedures in accordance with regulations 7 and 9 which require evidence to be obtained, in respect of any business relationship formed by him before the date on which these Regulations come into force, as to the identity of the person with whom that relationship has been formed.

For the purposes of regulation 2(6) above, any business relationship referred to in paragraph (1) above shall be treated as if it were an established business relationship.

In regulation 10(1)(g), the reference to the total payable in respect of any calendar year not exceeding ecu 1,000 shall, for the period commmencing with the coming into force of these regulations and ending with 30th December 1994, be construed as a reference to the total payable in respect of that period not exceeding ecu 750.