Section 40 of the Act of 2010 is amended -

(a) in subsection (1) -

(i) in paragraph (b), by the substitution of "the Fourth Money Laundering Directive, in accordance with Section 2 of Chapter VI of that Directive" for "the Third Money Laundering Directive in accordance with Section 2 of Chapter V of that Directive,",

(ii) by the deletion of "or" after paragraph (b),

(iii) in paragraph (c) -

(I) by the substitution of "a place (other than a Member State) which is not a high-risk third country" for "a place designated under section 31",

(II) by the substitution of "the Fourth Money Laundering Directive" for "the Third Money Laundering Directive",

(III) in subparagraph (iii), by the substitution of "the place, or" for "the place.",

(iv) by the insertion of the following paragraph after paragraph (c):

"(d) a person who carries on business in a high-risk third country, is a branch or majority-owned subsidiary of an obliged entity established in the Union, and fully complies with group-wide policies and procedures in accordance with Article 45 of the Fourth Money Laundering Directive and is -

(i) a credit institution authorised to operate as a credit institution under the laws of the place,