Criminal Justice (Money Laundering and Terrorist Financing) (Amendment) Act 2018

Examination of background and purpose of certain transactions

15. The Act of 2010 is amended by the insertion of the following section after section 36:

36A. (1) A designated person shall, in accordance with policies and procedures adopted in accordance with section 54, examine the background and purpose of all complex or unusually large transactions, and all unusual patterns of transactions, which have no apparent economic or lawful purpose.

(2) A designated person shall increase the degree and nature of monitoring of a business relationship in order to determine whether transactions referred to in subsection (1) appear suspicious.

(3) A designated person who fails to comply with this section 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 for a term not exceeding 5 years (or both).”.