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Amendment of section 38A of Act of 2010
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12. Section 38A (inserted by section 18 of the Act of 2018) of the Act of 2010 is amended by the substitution of the following subsection for subsection (1):
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“(1) Subject to subsection (2), a designated person shall apply the following measures to manage and mitigate the risk of money laundering and terrorist financing additional to those specified in this chapter, when dealing with a customer established or residing in a high-risk third country:
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(a) obtaining additional information on the customer and on the beneficial owner;
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(b) obtaining additional information on the intended nature of the business relationship;
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(c) obtaining information on the source of funds and source of wealth of the customer and of the beneficial owner;
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(d) obtaining information on the reasons for the intended or performed transactions;
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(e) obtaining the approval of senior management for establishing or continuing the business relationship;
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(f) conducting enhanced monitoring of the business relationship by increasing the number and timing of controls applied and selecting patterns of transaction that need further examination.”.
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