Charles Flanagan (Laois, Fine Gael) | Oireachtas source

This measure relates to customer due diligence measures for persons who can be described as politically exposed persons. In general, these measures must be carried out before a person opens an account. However, a bank can allow an account to be opened without first carrying out the measures as long as no transactions are carried out on the account, so an account is open and there are no dealings in it. The amendment extends that exception to all financial institutions and it is in accordance with the reading of the directive.

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