Seanad debates
Thursday, 11 October 2018
Criminal Justice (Money Laundering and Terrorist Financing) (Amendment) Bill 2018: Committee and Remaining Stages
10:30 am
David Stanton (Cork East, Fine Gael) | Oireachtas source
This measure relates to customer due diligence measures for politically-exposed persons. In general these measures must be carried out before a customer 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. This amendment extends that exception to all financial institutions in line with the directive.
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