Criminal Justice (Money Laundering and Terrorist Financing) Act 2010

F45 [ Examination of background and purpose of certain transactions

36A

36A. (1) A designated person shall, in accordance with policies and procedures adopted in accordance with section 54 , examine the background and purpose of all complex or unusually large transactions, and all unusual patterns of transactions, which have no apparent economic or lawful purpose.

(2) A designated person shall increase the degree and nature of monitoring of a business relationship in order to determine whether transactions referred to in subsection (1) appear suspicious.

(3) A designated person who fails to comply with this section commits an offence and is liable

( a ) on summary conviction, to a class A fine 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). ]

Annotations:

Amendments:

F45

Inserted (26.11.2018) by Criminal Justice (Money Laundering and Terrorist Financing) (Amendment) Act 2018 (26/2018), s. 15, S.I. No. 486 of 2018.

Editorial Notes:

E22

A class A fine is defined as a fine not exceeding €5,000 (4.01.2011) by Fines Act 2010 (8/2010), s. 3, S.I. No. 662 of 2010.

E23

The section heading is taken from the amending section in the absence of one included in the amendment.