(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,
and
(b) in relation to a person
…