Version status: In force | Document consolidation status: Updated to reflect all known changes
Version date: 26 November 2018 - onwards
  Version 3 of 3    

35. Special measures applying to business relationships.

(1) A designated person shall obtain information reasonably warranted by the risk of money laundering or terrorist financing on the purpose and intended nature of a business relationship with a customer prior to the establishment of the relationship.

(2) Subject to section 33(8A), a designated person who is unable to obtain such information, as a result of any failure on the part of the customer, shall not provide the service sought by the customer for so long as the failure continues.

(3) A designated person shall monitor any business relationship that it has with a customer to the extent reasonably warranted by the risk of money laundering or terrorist financing.

(4) Except as provided by section 36, a designated person who fails to comply with this section commits an offence and is liable -

(a) on summary conviction, to a fine not exceeding €5