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Enhanced customer due diligence in cases of heightened risk
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19. The Act of 2010 is amended by the substitution of the following section for section 39:
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“39. (1) Without prejudice to sections 37, 38 and 59, a designated person shall apply measures to manage and mitigate the risk of money laundering or terrorist financing, additional to those specified in this Chapter, to a business relationship or transaction that presents a higher degree of risk.
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(2) For the purposes of subsection (1) a business relationship or transaction shall be considered to present a higher degree of risk if a reasonable person having regard to the matters specified in paragraphs (a) to (f) of section 30B(1) would determine that the business relationship or transaction presents a higher risk of money laundering or terrorist financing.
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(3) The Minister may prescribe other factors, additional to those specified in Schedule 4, suggesting potentially higher risk only if he or she is satisfied that the presence of those factors suggests a potentially higher risk of money laundering or terrorist financing.
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(4) A designated person who fails to comply with this section commits an offence and is liable—
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(a) on summary conviction, to a class A fine or imprisonment for a term not exceeding 12 months (or both), or
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(b) on conviction on indictment, to a fine or imprisonment for a term not exceeding 5 years (or both).”.
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