Money Laundering and Proceeds of Crime Act
Act No. 4/2013
PART II
CROSS BORDER TRANSPORTATION OF CURRENCY, BEARER NEGOTIABLE INSTRUMENTS AND
PRECIOUS METALS AND STONES
10. Interpretation in Part II of Chapter II.
11. Obligation to disclose physical cross-border transportation of currency, bearer negotiable
instruments and precious metals or stones.
12. Seizure, detention and forfeiture of currency, bearer negotiable instruments and precious
metals or stones.
CHAPTER III
OBLIGATIONS OF FINANCIAL INSTITUTIONS AND DESIGNATED NON-FINANCIAL BUSINESSES OR
PROFESSIONS
PART I
CUSTOMER IDENTIFICATION AND ACCOUNT OPENING REQUIREMENTS
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Interpretation in Part I of Chapter III.
Anonymous accounts and shell banks prohibited.
Customer identification requirements.
Timing of customer identification and verification.
Particulars of customer identification.
Reliance on customer identification by third parties.
Customers not physically present.
High risk customers and politically-exposed persons.
Customer identification and account-opening for cross-border correspondent banking
relationships.
22. Inability to fulfil customer identification and verification.
23. Failure to comply with Part I of Chapter III.
PART II
ONGOING OBLIGATIONS OF FINANCIAL INSTITUTIONS AND DESIGNATED NON-FINANCIAL
BUSINESSES AND PROFESSIONS
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Record-keeping.
Internal programmes to combat money laundering and financing of terrorism.
Ongoing due diligence and special monitoring of certain transactions.
Obligations regarding wire transfers.
Failure to comply with Part II of Chapter III.
Compliance with obligations under Parts I and II by foreign subsidiaries and branches of
financial institutions.
PART III
REPORTING OBLIGATIONS
30. Obligation to report suspicious transactions.
31. Inapplicability of confidentiality provisions and prohibition against tipping-off.
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