| answer text |
<p>The Money Laundering Regulations 2017 are clear that all relevant persons (such
as banks) must apply customer due diligence (CDD) measures if the person establishes
a business relationship (regulation 27). Whilst CDD measures include conducting ongoing
monitoring of a business relationship, as outlined in my previous answer, the extent
of the measures taken must reflect the risk assessment carried out by the relevant
person under regulation 18(1) and its assessment of the level of risk arising in any
particular case. Therefore, if a customer is deemed low risk, the extent of ongoing
CDD measures would be tailored to that risk assessment and minimum monitoring would
be expected.</p>
|
 |
