Money Laundering and Proceeds of Crime Act Act No. 4/2013 15 Customer identification requirements (1) Subject to the special identification requirements of subsection (2), every financial institution and designated non-financial business or profession shall identify every one of their customers and verify a customer’s identity by means of an identity document, when— (a) opening an account for or otherwise establishing a business relationship with a customer; or (b) the customer, who is neither an account holder nor in an established business relationship with the financial institution, wishes to carry out a transaction in an amount equal to or exceeding five thousand United Sates dollars (or such lesser or greater amount as may be prescribed, either generally or in relation to any class of financial institution), whether conducted as a single transaction or several transactions that appear to be linked: Provided that if the amount of the transaction is unknown at the time it is commenced, the customer’s identification shall be verified as soon as the amount of the transaction has reached the prescribed amount; or (c) the customer, whether or not he or she is in an established business relationship with the financial institution, wishes to carry out a domestic or international wire transfer of monetary amounts in the amount equal to or exceeding one thousand United Sates dollars (or such lesser or greater amount as may be prescribed, either generally or in relation to any class of financial institution); or (d) doubts exist about the veracity or adequacy of previously obtained identity documents; or (e) there is a suspicion of money laundering or financing of terrorism involving the customer or the customer’s account. (2) Unless there is a suspicion of money laundering or financing of terrorism, in which case identification and verification of the identity of the customer concerned must take place without regard to any monetary threshold, the following persons are subject to the obligations of subsection (1) to identify and verify the identity of any of their customers in the following circumstances— (a) every legal, accounting or corporate service professional involved in any transaction concerning the buying or selling of immovable property or any interest in immovable property that is not mediated through a financial institution or estate agent; (b) every estate agent, in relation to the vendor and purchaser involved in any transaction concerning the buying or selling of immovable property or any interest in immovable property; (c) every gaming operator, in relation to any of their customers who opens an account or engages in any financial transaction the value of which is equal to or exceeds three thousand United Sates dollars (or such lesser or greater amount as may be prescribed); (d) every precious stones dealer and every precious metals dealer, in relation to any of their customers from whom or on behalf of whom they receive a payment in currency equal to or exceeding fifteen thousand United Sates dollars (or such lesser or greater amount as may be prescribed). (3) In addition to identifying and verifying the identity of a customer who is not the beneficial owner of property that is the subject-matter of a prescribed transaction, financial institutions and designated non-financial businesses or professions shall, as part of their obligation under subsection (2) or (3), identify the beneficial owner of such property as if the beneficial owner were the customer in question: - 24 -