The essential principles concerning the requirement for customer due diligence (CDD) remain the same as under the 2007 Regulations, but the 2017 Regulations sets them out in greater detail, and with new emphasis on the risk-based approach.
CDD measures mean:
•identifying the customer (and/or any beneficial owner);
•verifying the customer's identity on the basis of documents, data or information obtained from a reliable and independent source; and
•finding out about the purpose and intended nature of the business relationship.
Regulation 27 requires a tax adviser, as a relevant person, to apply customer due diligence measures if the person: