Anti-Money Laundering and Countering Financing of Terrorism Act 2009

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22A Enhanced customer due diligence required for certain activities requiring suspicious activities report

(1)

This section applies to an activity—

(a)

that the reporting entity concerned (other than a high-value dealer) is required to report to the Commissioner under section 40; and

(b)

that is not otherwise exempt from the customer due diligence requirements or from all the requirements of the Act; and

(c)

that is conducted, or sought to be conducted,—

(i)

by an existing customer; or

(ii)

by a customer engaging in an occasional transaction or activity.

(2)

For the purposes of section 22(1)(e), as soon as practicable after a reporting entity becomes aware that the reporting entity must report the suspicious activity under section 40, a circumstance occurs in which the reporting entity must conduct enhanced customer due diligence in respect of that activity.

Section 22A: inserted, on 11 August 2017, by section 14 of the Anti-Money Laundering and Countering Financing of Terrorism Amendment Act 2017 (2017 No 35).