Criminal Justice (Money Laundering and Terrorist Financing) Act 2010
F64[Examination of background and purpose of certain transactions
36A.— F65[(1) A designated person shall, as far as possible, in accordance with policies and procedures adopted in accordance with section 54, examine the background and purpose of all transactions that—
(a) are complex,
(b) are unusually large,
(c) are conducted in an unusual pattern, or
(d) do not have an 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:
F64
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. A class A fine means a fine not greater than €5,000 as provided (4.01.2011) by Fines Act 2010 (8/2010), ss. 3, 4(1), S.I. No. 662 of 2010.
F65
Substituted (23.04.2021) by Criminal Justice (Money Laundering and Terrorist Financing) (Amendment) Act 2021 (3/2021), s. 9, S.I. No. 188 of 2021.
Editorial Notes:
E23
The section heading is taken from the amending section in the absence of one included in the amendment.