The Main Purpose of the Bill is to:
•Identify and verify the identity of their customer and of any assets ultimate beneficial owner, and to monitor their business relationship with the customer; •Report suspicions of money laundering or terrorist financing to the public authorities, usually, the national financial intelligence unit; •Take supporting measures, such as ensuring proper training of the personnel and the establishment of appropriate internal preventive policies and procedures.
The 2009/Bill/Act will be applicable to Intermediaries – investment, mortgage and insurance and other investment/insurance businesses which are regulated by the Financial Regulator. Going forward the term “Designated Body” will be replaced by the term “Designated persons”
The changes which the new Act will bring are:
•“Designated Persons” will be required to perform customer due diligence on a risk based approach. There will be 3 types of customer due diligence depending on the circumstances, (1) Simplified (2) Standard (3) Enhanced identification
•The following products are exempted from the requirements in relation to Customer Due Diligence: – Life Assurance policies with an Annual premium of not more than € 1000 …