Anti-Money Laundering and Countering Financing of Terrorism Act 2009

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23 Enhanced customer due diligence: identity requirements

(1)

A reporting entity must, in relation to a person referred to in section 11(1), obtain the information required under section 15 and the following additional information:

(a)

information relating to the source of the funds or the wealth of the customer; and

(b)

the additional information referred to in subsection (2) and any additional information prescribed by regulations.

(2)

For the purposes of subsection (1)(b), a reporting entity must obtain,—

(a)

in the case of a trust other than a trust to which paragraph (b) applies, the name and the date of birth of each beneficiary of the trust:

(b)

in the case of a customer that is a discretionary trust or a charitable trust or a trust that has more than 10 beneficiaries, a description of—

(i)

each class or type of beneficiary:

(ii)

if the trust is a charitable trust, the objects of the trust.

Section 23(1)(b): replaced, on 11 August 2017, by section 15(1) of the Anti-Money Laundering and Countering Financing of Terrorism Amendment Act 2017 (2017 No 35).

Section 23(2): inserted, on 11 August 2017, by section 15(2) of the Anti-Money Laundering and Countering Financing of Terrorism Amendment Act 2017 (2017 No 35).