Criminal Justice (Money Laundering and Terrorist Financing) Act 2010
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Application of certain requirements to branches and subsidiaries in non-Member States. |
57.— (1) A credit institution or financial institution that is a designated person and incorporated in the State shall ensure that any branch of the institution, or any subsidiary of the institution that is also a credit institution or financial institution, in a place other than a Member State, applies requirements equivalent to those specified in Chapters II and IV of the Third Money Laundering Directive. | |
(2) If the place concerned does not permit the application of requirements equivalent to those specified in Chapters II and IV of the Third Money Laundering Directive, the designated person shall— | ||
(a) inform the competent authority for the designated person, and | ||
(b) apply measures, determined in consultation with the competent authority, to deal with the risk of money laundering or terrorist financing arising from the absence of those requirements. | ||
(3) A credit institution or financial institution that is a designated person and incorporated in the State shall communicate any policies and procedures that it has adopted under section 54 to any branch or subsidiary referred to in subsection (1) that is in a place other than a Member State. | ||
(4) A designated person that fails to comply with this section commits an offence and is liable— | ||
(a) on summary conviction, to a fine not exceeding €5,000 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). |