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Amendment of section 37 of Act of 2010
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16. (1) Section 37 of the Act of 2010 is amended—
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(a) by the substitution of the following subsection for subsection (1):
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“(1) A designated person shall take steps to determine whether or not—
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(a) a customer, or a beneficial owner connected with the customer or service concerned, or
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(b) a beneficiary of a life assurance policy or other investment-related assurance policy, or a beneficial owner of the beneficiary,
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is a politically exposed person or an immediate family member, or a close associate, of a politically exposed person.”,
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(b) by the substitution of the following subsection for subsection (2):
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“(2) The designated person shall take the steps referred to in subsection (1)—
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(a) in relation to a person referred to subsection (1)(a), prior to—
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(i) establishing a business relationship with the customer, or
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(ii) carrying out an occasional transaction with, for or on behalf of the customer or assisting the customer to carry out an occasional transaction,
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and
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(b) in relation to a person mentioned in subsection (1)(b)—
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(i) prior to the payout of the policy, or
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(ii) at the time of the assignment, in whole or in part, of the policy.”,
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(c) in subsection (3), by the insertion of “, or beneficiary” after “the customer”,
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(d) in subsection (4)—
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(i) by the deletion of “residing in a place outside the State”, and
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(ii) by the substitution of the following paragraph for paragraph (c):
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“(c) in addition to measures to be applied in accordance with section 35(3), apply enhanced monitoring of the business relationship with the customer.”,
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(e) in subsection (5), by the insertion of “or financial institution” after “a credit institution”,
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(f) in subsection (6), by the deletion of “residing in a place outside the State, and”,
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(g) by the insertion of the following subsection after subsection (6):
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“(6A) If a designated person knows or has reasonable grounds to believe that a beneficiary of a life assurance or other investment-related assurance policy, or a beneficial owner of the beneficiary concerned, is a politically exposed person, or an immediate family member or a close associate of a politically exposed person, and that, having regard to section 39, there is a higher risk of money laundering or terrorist financing, it shall—
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(a) inform senior management before payout of policy proceeds, and
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(b) conduct enhanced scrutiny of the business relationship with the policy holder.”,
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(h) in subsection (7), by the substitution of “subsections (4), (6) and (6A)” for “subsections (4) and (6)”, and
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(i) in the definition of “specified official” in subsection (10)—
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(i) in paragraph (b), by the insertion of “or of a similar legislative body” after “a member of parliament”,
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(ii) by the insertion after paragraph (b) of the following paragraph:
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“(bb) a member of the governing body of a political party;”,
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and
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(iii) by the substitution for paragraph (e) of the following paragraphs:
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“(e) an ambassador, chargé d’affairs or high-ranking officer in the armed forces;
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(f) a director, deputy director or member of the board of, or person performing the equivalent function in relation to, an international organisation.”.
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