Criminal Justice (Money Laundering and Terrorist Financing) Act 2010
F59[Simplified customer due diligence
34A.— (1) Subject to section 33(1)(c) and (d), a designated person may take the measures specified in sections 33(2) and 35 in such manner, to such extent and at such times as is reasonably warranted by the lower risk of money laundering or terrorist financing in relation to a business relationship or transaction where the designated person—
(a) identifies in the relevant business risk assessment, an area of lower risk into which the relationship or transaction falls, and
(b) considers that the relationship or transaction presents a lower degree of risk.
(2) For the purposes of identifying an area of lower risk a designated person shall have regard to—
(a) the matters specified in section 30A(2),
(b) the presence of any factor specified in Schedule 3, and
(c) any additional prescribed factor suggesting potentially lower risk.
(3) Where a designated person applies simplified due diligence measures in accordance with subsection (1) it shall—
(a) keep a record of the reasons for its determination and the evidence on which it was based, and
(b) carry out sufficient monitoring of the transactions and business relationships to enable the designated person to detect unusual or suspicious transactions.
(4) The Minister may prescribe other factors, additional to those specified in Schedule 3, to which a designated person is to have regard under subsection (2) only if he or she is satisfied that the presence of those factors suggests a potentially lower risk of money laundering or terrorist financing.
(5) For the purposes of subsection (1), a business relationship or transaction may be considered to present a lower 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 relationship or transaction presents a lower degree of risk of money laundering or terrorist financing.]
Inserted (26.11.2018) by Criminal Justice (Money Laundering and Terrorist Financing) (Amendment) Act 2018 (26/2018), s. 13, S.I. No. 486 of 2018.
The section heading is taken from the amending section in the absence of one included in the amendment.