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Version status: Repealed | Document consolidation status: Updated to reflect all known changes
Version date: 26 November 2018 - onwards
  Version 4 of 4    

34. Exemptions from section 33.

Repealed from 26 November 2018

(1) A designated person is not required to apply the measures specified in section 33(2) if the designated person, having taken such measures as are necessary to establish if the customer is a specified customer or the product is a specified product, is satisfied that -

(a) the customer is a specified customer, or

(b) the product is a specified product.

(2) A credit institution is not required to apply the measures specified in section 33(2)(b) in respect of the beneficial ownership of money held, or proposed to be held, in trust -

(a) in a client account, within the meaning of the Solicitors (Amendment) Act 1994, or

(b) in an account for clients of a person who by way of business, provides legal or notarial services to those clients -

(i) in a Member State and who is supervised or monitored for compliance with requirements specified in the Third Money Laundering Directive, in accordance with Section 2 of Chapter V of that Directive, or

(ii) in a place that is designated under sec