What customer due diligence must a UK regulated firm carry out?

The firm must identify the customer and verify identity on reliable, independent evidence, identify beneficial owners and take reasonable measures to verify them, understand the purpose and intended nature of the relationship and the ownership and control structure, and monitor the relationship on an ongoing basis. The measures must be applied on a risk-sensitive basis and before the relationship is established, with narrow exceptions. Where due diligence cannot be completed, the business must not be carried out and a report may be required.