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) F43 [ Subject to section 33(8A) , 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.
F43 [ (3) A designated person shall monitor any business relationship that it has with a customer to the extent reasonably warranted by the risk of 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).
Substituted (26.11.2018) by Criminal Justice (Money Laundering and Terrorist Financing) (Amendment) Act 2018 (26/2018), s. 14(a), (b), S.I. No. 486 of 2018.