The Act of 2010 is amended by the substitution of the following section for section 54:

"54. 

(1) A designated person shall adopt internal policies, controls and procedures in relation to the designated person's business to prevent and detect the commission of money laundering and terrorist financing.

(2) In particular, a designated person shall adopt internal policies, controls and procedures to be followed by any persons involved in carrying out the obligations of the designated person under this Part.

(3) The internal policies, controls and procedures referred to in subsection (1) shall include policies, controls and procedures dealing with -

(a) the identification, assessment, mitigation and management of risk factors relating to money laundering or terrorist financing,

(b) customer due diligence measures,

(c) monitoring transactions and business relationships,

(d) the identification and scrutiny of complex or large transactions, unusual patterns of transactions that have no apparent economic or visible lawful purpose and any other activity that the designated person has reasonable grounds to regard as particularly likely, by its nature to be related to money laundering or terrorist financing,

(e) measures to be taken to prevent the use for money laundering or terrorist financing of transactions or products that could favour or facilitate anonymity,