02.0702 – Due Diligence

In practice, many smaller institutions will be undertaking their due diligence requirements for the regulations to implement the US Agreement by either:

  • Verifying that they cannot provide or maintain accounts to a person with an address outside the UK, or,
  • searching their database for non-UK addresses.

The following paragraphs outline how these steps fit with the due diligence requirements of the UK-CD and Gibraltar Agreements.