Key changes include:
➡️ Local Authorities and Professional Deputies: Clarifications on when firms should and must verify the identities of those appointed to act on behalf of a customer;
➡️ Group Companies: Guidance on relationships and occasional transactions with a regulated firm within the same group, and customer due diligence (CDD), simplified due diligence #SDD and enhanced due diligence (EDD) requirements;
➡️ Intermediaries: New guidance on requirements to clearly understand customers and which underlying parties they have a business relationship with, and subsequent CDD requirements; and
➡️ Outsourcing: Expanded and new guidance on outsourcing requirements involving intra-group and group companies, and the risk-based controls which must be implemented.
✅ Firms can submit feedback on the revisions before March 28th 2025.
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