Criminal Justice (Money Laundering and Terrorist Financing) Act 2010
|
Special measures applying to business relationships. |
35.— (1) A designated person shall obtain information reasonably warranted by the risk of money laundering or terrorist financing on the purpose and intended nature of a business relationship with a customer prior to the establishment of the relationship. | |
(2) A designated person who is unable to obtain such information, as a result of any failure on the part of the customer, shall not provide the service sought by the customer for so long as the failure continues. | ||
(3) A designated person shall monitor dealings with a customer with whom the person has a business relationship, including (to the extent reasonably warranted by the risk of money laundering or terrorist financing) by scrutinising transactions and the source of wealth or of funds for those transactions, to determine whether or not the transactions are consistent with— | ||
(a) the person’s knowledge of the customer and the customer’s business and pattern of transactions, and | ||
(b) any knowledge that the person may have that the customer may be involved in money laundering or terrorist financing. | ||
(4) Except as provided by section 36 , a designated person who fails to comply with this section commits an offence and is liable— | ||
(a) on summary conviction, to a fine not exceeding €5,000 or imprisonment for a term not exceeding 12 months (or both), or | ||
(b) on conviction on indictment, to a fine or imprisonment for a term not exceeding 5 years (or both). |