(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 -
(b) the product is a specified product.
(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