Alan Shatter (Dublin South, Fine Gael) | Oireachtas source

I move amendment No. 2:

In page 5, to delete lines 30 and 31 and substitute the following:“(b) in subsection (6)—

(i) by the substitution of “is, or has become, a politically exposed person” for
“is a politically exposed person”, and
(ii) by the substitution of “subsection (4)(a), (b) and (c)” for “subsection (4)(a)
and (b)”.”.

Section 37 of the Act of 2010 sets out the enhanced customer due diligence or CDD measures to be taken by a designated person in relation to customers who are politically exposed persons. For the purpose of the Act, a politically exposed person is a person residing outside the State who has been entrusted with a prominent, public function at any time in the preceding 12 months. Section 6 of the Bill amends section 37(4) in order to provide that a designated person must also apply such measures to an existing customer, who subsequently becomes a politically exposed person. The purpose of this amendment is to apply the same approach in subsection (6) so that a designated person must apply the enhanced CDD requirements in subsection (4), both when a beneficial owner connected with the customer or services of politically exposed person and if they subsequently become one. I commend the amendment to the committee.