20 PART IV SUPPRESSION OF MONEY LAUNDERING 23 Interpretation in Part IV (1) In this Part⎯ “applicant” means a person intending to enter into a business relationship or to carry out a transaction or transactions with a designated institution; “transaction” means any transaction which⎯ (a) is effected between a designated institution and another person, whether that other person is inside or outside Zimbabwe; and (b) involves or facilitates the receipt, payment or transfer of currency. (2) Any word or expression to which a meaning is assigned in the Serious Offences (Confiscation of Profits) Act [Chapter 9:17] shall bear the same meaning when used in this Part. 24 Designated institutions to verify customers’ identity (1) A designated institution shall take reasonable steps to confirm the true identity of every applicant, by requiring the following— (a) an identity document, where the applicant is an individual; and (b) a certificate of incorporation together with the latest annual tax return to the Zimbabwe Revenue Authority, where the applicant is a body corporate. (2) Where an applicant requests a designated institution to enter into— (a) a continuing business relationship with him or her; or (b) to carry out a transaction for him or her which relates to relevant financial business; such designated institution shall take reasonable steps to establish whether that person is acting on behalf of another person. (3) If it appears to a designated institution that an applicant referred to in subsection (2) is acting on behalf of another person, the designated institution shall take reasonable steps to establish the true identity of the person on whose behalf the applicant may be acting, whether as trustee, nominee, agent or otherwise. (4) In determining what constitutes reasonable steps for the purpose of subsections (2) and (3), regard shall be had to all the circumstances of the case, and in particular to— (a) whether the applicant is a person based or incorporated in a country in which there are laws in force that prevent the use of the financial system for the purpose of moneylaundering; and (b) the custom and practice that may from time to time be prevalent in the relevant field of business. (5) Nothing in this section shall require the production of any evidence of identity where— (a) the applicant is a designated institution; or (b) the applicant has already produced satisfactory evidence of identity.