The Act of 2010 is amended by the insertion of the following section after section 34:
"34A.
(1) Subject to section 33(1)(c) and (d), a designated person may take the measures specified in sections 33(2) and 35 in such manner, to such extent and at such times as is reasonably warranted by the lower risk of money laundering or terrorist financing in relation to a business relationship or transaction where the designated person -
(a) identifies in the relevant business risk assessment, an area of lower risk into which the relationship or transaction falls, and
(b) considers that the relationship or transaction presents a lower degree of risk.
(2) For the purposes of identifying an area of lower risk a designated person shall have regard to -
(a) the matters specified in section 30A(2),
(b) the presence of any factor specified in Schedule 3, and
(c) any additional prescribed factor suggesting potentially lower risk.
(3) Where a designated person applies simplified due diligence measures i
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