I had a long chat with them about this last week – as to how they were going to enforce a code of conduct and it sounds like they will be relatively strict, but within some reason. For example, he said they expected to see the “majority” of properties were UK whitelisted.
Also, you are expected to open a brand new account for this and notify them of previous adwords accounts you may have had. The new account (I think) is a special type rather than the straight forward one. You also have to fill in a seperate declaration form detailing entities and addresses.