No. 1/2019 Finance Act”) is amended in section 2 (“Interpretation”)(1) by the insertion of the following definition— ““receiver” or “trustee”, in relation to property for which it is provided by this Act that a receiver or trustee may be appointed, means the Asset Management Unit established by section 100A, unless some other person is appointed as such receiver or trustee;”. 29 Amendment of section 6B of Cap. 9:24 Section 6B (“Functions of Unit”)(1) of the principal Act is amended— (a) by the deletion from paragraph (c) of the words “as may be appropriate or necessary” (b) by the insertion after paragraph (e) of the following paragraph— “(e1) to act as the central agency for the collection and maintenance of data and statistics relating to implementation of anti-money laundering and combating financing of terrorism measures, and, in so doing, may require competent authorities to submit any such data or statistics in such manner and form as the Unit may prescribe;”. 30 Amendment of section 15 of Cap. 9:24 Section 15 (“Customer identification requirements”) of the principal Act is amended by the repeal of subsection (3) and the substitution of the following subsections— “(3) In addition to identifying and verifying the identity of a customer who is not the beneficial owner of property, financial institutions and designated nonfinancial businesses or professions shall, as part of their obligations under subsection (1) or (2), identify and verify the identity of the beneficial owner of such property, using relevant information or data obtained from a reliable source, such that the financial institution or designated non-financial business or profession is satisfied that it knows who the beneficial owner is: Provided that a directive may prescribe circumstances, such as where the ownership relates to public companies, in which such identification and verification is not necessary. (4) In addition to the identification and verification measures required for the customer and the beneficial owner, financial institutions and designated non-financial businesses or professions shall, in relation to a beneficiary of a life insurance policy and other investment-related insurance policies— (a) in the case of a beneficiary that is identified as a specifically named natural or legal person or legal arrangement, record the name of the beneficiary as soon as such beneficiary is identified or designated; and (b) in the case of a beneficiary designated by characteristics or by class or by other means, obtain sufficient information concerning the beneficiary to satisfy the financial institution or designated non-financial business or profession that it will be able to establish the identity of the beneficiary at the time of the payout; and (c) in both the cases referred to under paragraphs (a) and (b), verify the identity of the beneficiary at the time of the payout.”. 18 2019