Good Lawyer Guide's response

You are legally obliged to take a number of steps if you are renting out safe deposit boxes. These include, for example, implementing "customer due diligence" measures, so that the identity of the customer is identified and verified, that you monitor business relationships regularly and identify and report suspicious activity. You must also put in place more stringent measures where you suspect there’s a higher risk of money laundering.

You must also make sure you maintain appropriate procedures so that you comply with these requirements. In addition, ensure you are registered with the Financial Services Authority which regulates businesses that rent out safety deposit boxes. The FSA will provide further details for you as to how to minimise and detect money laundering.