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Criminal Justice (Money Laundering and Terrorist Financing) (Amendment) Bill 2018 (updated 19 June 2018)Introductory TextActs Referred toPart 1 Preliminary and general (ss. 1-2)1. Short title, commencement and collective citation2. DefinitionsPart 2 Amendment of Act of 2010 (ss. 3-39)3. Amendment of section 2 of Act of 20104. Amendment of section 24(1) of Act of 20105. Amendment of section 25 of Act of 20106. Beneficial owner in relation to bodies corporate7. Amendment of section 27 of Act of 20108. Amendment of section 28 of Act of 20109. Amendment of section 30 of Act of 201010. Risk assessment by designated persons11. Amendment of section 33 of Act of 201012. Electronic money derogation13. Simplified customer due diligence14. Amendment of section 35 of Act of 201015. Examination of background and purpose of certain transactions16. Amendment of section 37 of Act of 201017. Correspondent relationships with third-country respondent institutions18. Enhanced customer due diligence - high-risk third countries19. Enhanced customer due diligence in cases of heightened risk20. Amendment of section 40 of Act of 201021. Functions of State Financial Intelligence Unit22. Amendment of section 42 of Act of 201023. Requirement for designated persons to report transactions connected with high-risk third countries24. Amendment of section 51 of Act of 201025. Amendment of section 52(2)(c) of Act of 201026. Internal policies, controls and procedures27. Amendment of section 55 of Act of 201028. Amendment of section 56 of Act of 201029. Group-wide policies and procedures30. Additional measures where implementation of policies and procedures is not possible31. Relationships between certain institutions and shell banks32. Amendment of section 62(1) of Act of 201033. Defence34. Obligation for certain designated persons to register with Central Bank of Ireland35. Prescribed amounts under section 33AQ of Central Bank Act 1942 in respect of certain contraventions36. Amendment of Schedule 2 to Act of 201037. List of factors which suggest potentially lower risk38. List of factors which suggest potentially higher risk39. RepealsPart 3 Consequential amendments (s. 40)40. Consequential amendments
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Version status: Published
Version date: 30 April 2018 - onwards

15. Examination of background and purpose of certain transactions

This format of the bill is taken from the text of stage 1 published on 26 April 2018 by Dáil Éireann

The Act of 2010 is amended by the insertion of the following section after section 36:

"36A.

(1) A designated person shall, in accordance with policies and procedures adopted in accordance with section 54, examine the background and purpose of all complex or unusually large transactions, and all unusual patterns of transactions, which have no apparent economic or lawful purpose.

(2) A designated person shall increase the degree and nature of monitoring of a business relationship in order to determine whether transactions referred to in subsection (1) appear suspicious.

(3) A designated person who fails to comply with this section commits an offence and is liable -

(a) on summary conviction, to a class A fine or imprisonment for a term not exceeding 12 months (or both), or

(b) on conviction on indictment, to a fine or imprisonment for a term not exceeding 5 years (or both).".

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