Criminal Asset Recovery Order, 2012 · As enacted · Chapter I
7. Verification procedures
Official textFrom Attorney General's Chambers, unchanged
A financial institution or designated non-financial businesses and professions shall take reasonable measures to satisfy itself of the true identity of any applicant seeking to enter into a business relationship with it or to carry out a transaction or series of transactions with it and the identity of the beneficial owner by-
{a)
producing an official record reasonably capable of establishing the true identity of the applicant; and
{b)
if the applicant is a body corporate, it shall be required to produce, a certificate of incorporation together with the latest annual return to the
Registrar of Companies.
Where an applicant requests a financial institution or designated non-financial business and profession to enter into a continuing business relationship or any other transaction, the financial institution or designated non-financial business and profession shall take reasonable measures to establish whether the person is acting on behalf of a~other person.
If it appears to a financial institution or designated non-financial business and profession that an applicant requesting it to enter into any transaction, is acting on behalf of another person, the financial institution or designated non-financial business and profession shall take reasonable measures to establish the true identity of any person on whose behalf or for whose ultimate benefit the applicant may be acting in the proposed transaction, whether as trustee, nominee, agent or otherwise.
In determining what constitute reasonable measures for the purposes of subsection (1) or (3). regard shall be had to all the circumstances of the case, and in particular -
{a}
to whether the applicant is a person based or incorporated in a country in which there are in force provisions applicable to it to prevent the use of the financial system for the purpose of money laundering; and
{b}
to custom and practice as may from time to time be current in the relevant field of business.
Nothing in this section shall require the production of any evidence of identity where -
{a}
the applicant is itself a financial institution or designated non-financial business and profession to which this Order applies; or
{b}
there is a transaction or a series of transactions taking place in the course of a business relationship, in respect of which the applicant has already produced satisfactory evidence of identity.
Chapter II
Chapter III
Part III
Cross Border Movements of Physical Currency and Bearer Negotiable Instruments
Part IV
Restraining Orders, Confiscation Orders, Benefit Recovery Orders, Non-Conviction Based Forfeiture Orders and Unexplained Wealth Declarations
Chapter IV
Chapter LI
Part VI
Part VII
Part VIII