Criminal Justice (Money Laundering and Terrorist Financing) Act 2010

Chapter 7

Special provisions applying to credit and financial institutions

Measures for retrieval of information relating to business relationships.

56.— (1) A credit institution or financial institution that is a designated person shall have systems in place to enable it to respond fully and promptly to enquiries from the Garda Síochána—

(a) as to whether or not it has, or has had, a business relationship, within the previous 6 years, with a person specified by the Garda Síochána, and

(b) the nature of any such relationship with that person.

(2) 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).