When is enhanced due diligence required in the UK?

Where the customer or transaction presents a high risk of money laundering, in particular a politically exposed person or their family and close associates, a person established in a high-risk third country, a correspondent banking relationship, an unusually large or complex transaction with no apparent economic purpose, or any relationship conducted without face-to-face contact without safeguards. The firm must obtain additional information on the customer, the source of funds and wealth, and senior management must approve the relationship. Enhanced ongoing monitoring applies for as long as the risk persists.