16. Amendment of section 37 of Act of 2010
(1) Section 37 of the Act of 2010 is amended -
(a) by the substitution of the following subsection for subsection (1):
"(1) A designated person shall take steps to determine whether or not -
(a) a customer, or a beneficial owner connected with the customer or service concerned, or
(b) a beneficiary of a life assurance policy or other investment-related assurance policy, or a beneficial owner of the beneficiary,
is a politically exposed person or an immediate family member, or a close associate, of a politically exposed person.",
(b) by the substitution of the following subsection for subsection (2):
"(2) The designated person shall take the steps referred to in subsection (1) -
(a) in relation to a person referred to subsection (1)(a), prior to -
(i) establishing a business relationship with the customer, or
(ii) carrying out an occasional transaction with, for or on behalf of the customer or assisting the customer to carry out an occasional transaction,