Section 34 of the Act of 2010 is amended by the substitution of the following for subsection (1):

"(1) A designated person is not required to apply the measures specified in section 33(2) if the designated person, having taken such measures as are necessary to establish if the customer is a specified customer or the product is a specified product, is satisfied that -

(a) the customer is a specified customer, or

(b) the product is a specified product.".