|
|
|
Amendment of section 33 of Act of 2010
|
| |
11. Section 33 of the Act of 2010 is amended—
|
|
| |
(a) in subsection (1), by the substitution of “subsection (2)” for “subsections (2) and, where applicable, (4),”,
|
|
| |
(b) in subsection (1)(d)(ii), by the substitution of “customer,” for “customer.”,
|
|
| |
(c) by the insertion of the following paragraph after subsection (1)(d)(ii):
|
|
| |
“and
|
|
| |
(e) at any time, including a situation where the relevant circumstances of a customer have changed, where the risk of money laundering and terrorist financing warrants their application.”,
|
|
| |
(d) in subsection (2), by the insertion of “, in accordance with section 30B,” after “The measures that shall be applied”,
|
|
| |
(e) by the insertion of the following subsection after subsection (2):
|
|
| |
“(2A) When applying the measures specified in subsection (2), a designated person shall verify that any person purporting to act on behalf of the customer is so authorised and identify and verify the identity of that person in accordance with subsection (2).”,
|
|
| |
(f) by the deletion of subsection (4),
|
|
| |
(g) in subsection (5), by the substitution of “subsection (2)” for “subsections (2) and, where applicable, (4),” in both places where it occurs,
|
|
| |
(h) in subsection (6)—
|
|
| |
(i) by the substitution of “a credit institution or financial institution may allow an account, including an account that permits transactions in transferable securities, to be opened with it” for “a credit institution may allow a bank account to be opened with it”, and
|
|
| |
(ii) by the substitution of “subsection (2)” for “subsections (2) and, where applicable, (4)”,
|
|
| |
(i) by the substitution of the following subsections for subsection (7):
|
|
| |
“(7) In addition to the measures required in relation to a customer and a beneficial owner under this section, credit institutions and financial institutions shall apply the measures specified in subsections (7A) to (7C) to the beneficiaries of life assurance and other investment-related assurance policies.
|
|
| |
(7A) As soon as the beneficiaries of life assurance and other investment-related assurance policies are identified or designated, a credit institution or financial institution shall—
|
|
| |
(a) take the names of beneficiaries that are identified as specifically named persons or legal arrangements, and
|
|
| |
(b) in the case of beneficiaries designated by characteristics, class or other means, obtain sufficient information to satisfy the institution that it will be able to establish the identity of the beneficiary at the time of the payout.
|
|
| |
(7B) A credit institution or financial institution shall verify the identity of a beneficiary referred to in paragraph (a) or (b) of subsection (7A) at the time of the payout in accordance with subsection (2).
|
|
| |
(7C) In the case of assignment, in whole or in part, of a policy of life assurance or other investment-related assurance to a third party, a credit institution or financial institution that is aware of the assignment shall identify the beneficial owner at the time of the assignment to the natural or legal person, or legal arrangement, receiving for his or her, or its, own benefit the value of the policy assigned.
|
|
| |
(7D) In addition to the measures required in relation to a customer and a beneficial owner, in the case of beneficiaries of trusts or of similar legal arrangements that are designated by particular characteristics or class, a designated person shall obtain sufficient information concerning the beneficiary to satisfy the designated person that it will be able to establish the identity of the beneficiary at the time of the payout or at the time of the exercise by the beneficiary of its vested rights.”,
|
|
| |
(j) in subsection (8), by the substitution of—
|
|
| |
(i)“Subject to subsection (8A), a designated person” for “A designated person”, and
|
|
| |
(ii)“subsection (2)” for “subsection (2) or (4)”,
|
|
| |
(k) by the insertion, after subsection (8) of the following:
|
|
| |
“(8A) Nothing in subsection (8) or section 35(2) shall operate to prevent a relevant independent legal professional or relevant professional adviser—
|
|
| |
(a) ascertaining the legal position of a person, or
|
|
| |
(b) performing the task of defending or representing a person in, or in relation to, civil or criminal proceedings, including providing advice on instituting or avoiding such proceedings.”,
|
|
| |
(l) in subsection (9), by the substitution of “A designated person” for “Except as provided by section 34, a designated person”, and
|
|
| |
(m) by the deletion of subsection (10).
|
