IEIM902230 - When do Due Diligence Procedures have to be Carried out?
Due diligence procedures must be carried out by 31 December of the relevant Reportable Period. The rules do not specify when these procedures should be undertaken so it is up to Reporting Platform Operators (RPOs) to decide whether to carry them out as part of any initial onboarding process or at some later stage during the Reportable Period. HMRC anticipates that in practice Platform operators will normally find it easiest to collect information from Sellers at onboarding, as part of the registration process, rather than trying to collect the information at a later date.