Criminal Justice (Money Laundering and Terrorist Financing) Act 2010

58

Anonymous accounts.

58.— (1) A credit institution or financial institution shall not set up an anonymous account for, or provide an F123[anonymous passbook or safe-deposit box] to, any customer.

(2) A credit institution or financial institution shall not keep any anonymous account, or F123[anonymous passbook or safe-deposit box], that was in existence immediately before the commencement of this section for any customer.

(3) A credit institution or financial institution that fails to comply with this section commits an offence and is liable—

(a) on summary conviction, to a fine not exceeding €5,000 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:

F123

Substituted (23.04.2021) by Criminal Justice (Money Laundering and Terrorist Financing) (Amendment) Act 2021 (3/2021), s. 17, S.I. No. 188 of 2021.

Editorial Notes:

E29

A fine of €5,000 translates into a class A fine, not greater than €5,000, as provided (4.01.2011) by Fines Act 2010 (8/2010), ss. 3, 4(2) and table ref. no. 1, S.I. No. 662 of 2010.