ANTI-MONEY LAUNDERING AND COUNTER-TERRORISM FINANCING ACT 2006 - SECT 35 Verification of identity of customer etc.

ANTI-MONEY LAUNDERING AND COUNTER-TERRORISM FINANCING ACT 2006 - SECT 35

Scope

  (1)   This section applies to a reporting entity if:

  (a)   at a particular time, the reporting entity has carried out, or has purported to carry out, the applicable customer identification procedure in respect of a particular customer to whom the reporting entity provided, or proposed to provide, a designated service; and

  (b)   at a later time, any of the following subparagraphs applies:

  (i)   an event prescribed by the AML/CTF Rules happens;

  (ii)   a circumstance specified in the AML/CTF Rules comes into existence;

  (iii)   a period ascertained in accordance with the AML/CTF Rules ends.

Note:   See also sections   37A and 38 (when applicable customer identification procedure deemed to be carried out by a reporting entity).

Requirement

  (2)   The reporting entity must:

  (a)   take such action as is specified in the AML/CTF Rules; and

  (b)   do so within the time limit allowed under the AML/CTF Rules.

Civil penalty

  (3)   Subsection   (2) is a civil penalty provision.