Criminal Justice (Money Laundering and Terrorist Financing) Act 2010
F41[Application of risk assessment in applying customer due diligence
30B.— (1) For the purposes of determining the extent of measures to be taken under subsections (2) and (2A) of section 33 and subsections (1) and (3) of section 35 a designated person shall identify and assess the risk of money laundering and terrorist financing in relation to the customer or transaction concerned, having regard to—
(a) the relevant business risk assessment,
(b) the matters specified in section 30A(2),
(c) any relevant risk variables, including at least the following:
(i) the purpose of an account or relationship;
(ii) the level of assets to be deposited by a customer or the size of transactions undertaken;
(iii) the regularity of transactions or duration of the business relationship;
(iv) any additional prescribed risk variable,
(d) the presence of any factor specified in Schedule 3 or prescribed under section 34A suggesting potentially lower risk,
(e) the presence of any factor specified in Schedule 4, and
(f) any additional prescribed factor suggesting potentially higher risk.
(2) A determination by a designated person under subsection (1) shall be documented where the competent authority for the designated person, having regard to the size and nature of the designated person and the need to accurately identify and assess the risks of money laundering or terrorist financing, so directs.
(3) For the purposes of subsection (2), a State competent authority may direct a class of designated persons for whom it is the competent authority to document a determination in writing.
(4) The Minister may prescribe additional risk variables to which regard is to be had under subsection (1)(c)(iv) only where he or she is satisfied that it is appropriate to consider such matters in order to accurately identify and assess the risks of money laundering or terrorist financing.
(5) A designated person who fails to document a determination in accordance with a direction under subsection (2) 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 not exceeding 5 years (or both).]
Inserted (26.11.2018) by Criminal Justice (Money Laundering and Terrorist Financing) (Amendment) Act 2018 (26/2018), s. 10, 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.