(1) A designated person shall, as far as possible, in accordance with policies and procedures adopted in accordance with section 54, examine the background and purpose of all transactions that -
(a) are complex,
(b) are unusually large,
(c) are conducted in an unusual pattern, or
(d) do not have an apparent economic or lawful purpose.
(2) A designated person shall increase the degree and nature of monitoring of a business relationship in order to determine whether transactions referred to in subsection (1) appear suspicious.
(3) A designated person who fails to comply with this section commits an offence and is liable -
(a) on summary conviction, to a class A fine or imprisonment for a term not exceeding 12 months (or both), or
(b) on conviction on indictment, to a fine or imprisonment for a term not exceeding 5 years (or both).