(1) A designated person is not required to apply the measures specified in section 35(1) 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) The exemption provided for in subsection (1) does not apply to a designated person in any of the following circumstances:
(a) the customer concerned is from a place that is designated under section 32;
(b) section 33(1)(c) or (d) or (4) applies;
(c) a designated person is required to apply measures, in relation to the customer or beneficial owner (if any) concerned, under section 37.
(3) For the purposes of this section, "specified customer" and "specified product" have the same meanings as they have in section 34.