Dermot Ahern (Louth, Fianna Fail)

The amendments apply the same principles arising from amendments made on Committee Stage, which is important for reasons of clarity and consistency. I brought forward amendments on Committee Stage to include a definition of "occasional transaction" in section 24 and an amendment to section 33(1)(b) as a result. The proposed amendment to section 37(2)(b) also reflects these changes. The amendment to section 33(8)(b) is in line with the amendment made on Committee Stage to section 33(8)(a), as it inserts the term "transaction" into the provision to clarify that it applies to either a transaction or a service. Amendment agreed to.

Bill recommitted in respect of amendments Nos. 13 to 18, inclusive.

Government amendment No. 13:

In page 37, to delete lines 4 to 16 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.".