Noel O'Flynn (Cork North Central, Fianna Fail)

As Seanad amendments Nos. 15 to 20, inclusive, are related, they may be discussed together.

Seanad amendment No. 15:

Section 37: In page 37, lines 4 to 16, to delete subsection (4), and substitute the following:

"(4) If a designated person knows or has reasonable grounds to believe that a customer residing in a place outside the State is a politically exposed person or an immediate family member or close associate of a politically exposed person, the designated person shall—

(a) ensure that approval is obtained from any senior management of the designated person before a business relationship is established with the customer, and

(b) determine the source of wealth and of funds for the following transactions—

(i) transactions the subject of any business relationship with the customer that are carried out with the customer or in respect of which a service is sought, or

(ii) any occasional transaction that the designated person carries out with, for or on behalf of the customer or that the designated person assists the customer to carry out.".

See this speech in context