Criminal Justice Act 2013


Amendment of section 37 of Act of 2010

9. Section 37 of the Act of 2010 is amended—

(a) by the substitution of the following for subsection (4):

“(4) If a designated person knows or has reasonable grounds to believe that a customer residing in a place outside the State is, or has become, a politically exposed person or an immediate family member or close associate of a politically exposed person, the designated person shall—

(a) ensure that approval is obtained from senior management of the designated person before a business relationship is established or continued with the customer,

(b) determine the source of wealth and of funds for the following transactions—

(i) transactions the subject of any business relationship with the customer that are carried out with the customer or in respect of which a service is sought, or

(ii) any occasional transaction that the designated person carries out with, for or on behalf of the customer or that the designated person assists the customer to carry out,


(c) apply such additional measures in the course of monitoring the business relationship with the customer in accordance with section 35(3) (including monitoring of the source of wealth and funds), that the designated person considers to be warranted by the risk of money laundering or terrorist financing.”,


(b) in subsection (6)—

(i) by the substitution of “is, or has become, a politically exposed person” for “is a politically exposed person”, and

(ii) by the substitution of “subsection (4)(a), (b) and (c)” for “subsection (4)(a) and (b)”.