Criminal Justice (Money Laundering and Terrorist Financing) Act 2010

39.

F52 [ Enhanced due diligence in cases of heightened risk

F53 [ 39. (1) Without prejudice to sections 37 , 38 and 59 , a designated person shall apply measures to manage and mitigate the risk of money laundering or terrorist financing, additional to those specified in this Chapter, to a business relationship or transaction that presents a higher degree of risk.

(2) For the purposes of subsection (1) a business relationship or transaction shall be considered to present a higher degree of risk if a reasonable person having regard to the matters specified in paragraphs (a) to (f) of section 30B(1) would determine that the business relationship or transaction presents a higher risk of money laundering or terrorist financing.

(3) The Minister may prescribe other factors, additional to those specified in Schedule 4 , suggesting potentially higher risk only if he or she is satisfied that the presence of those factors suggests a potentially higher risk of money laundering or terrorist financing.

(4) 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:

F52

Substituted (14.06.2013) by Criminal Justice Act 2013 (19/2013), s. 10, S.I. No. 196 of 2013.

F53

Substituted (26.11.2018) by Criminal Justice (Money Laundering and Terrorist Financing) (Amendment) Act 2018 (26/2018), s. 19, S.I. No. 486 of 2018.

Editorial Notes:

E27

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.