2019 Finance No. 1/2019 31 Amendment of section 16 of Cap. 9:24 Section 16 (“Timing of customer identification and verification”)(1) of the principal Act is amended by the repeal of the proviso thereto and substitution of— “Provided that a financial institution or a designated non-financial business or profession may allow a customer to utilise a business relationship prior to identity verification if the following conditions are met— (a) a delay in verification is unavoidable in the interest of not interrupting the normal conduct of business; and (b) the financial institution or designated non-financial business or profession adequately manages the money laundering and terrorist financing risk through adoption of risk management procedures concerning the conditions under which the customer may so utilise the business relationship.”. 32 Amendment of section 27 of Cap. 9:24 Section 27 (“Obligations regarding wire transfers”)(9) of the principal Act is amended by the insertion after “Intermediary” of “and beneficiary”. 33 New Chapter VIA inserted in Cap. 9:24 The principal Act is amended by the insertion of the following Chapter after Chapter VI— “CHAPTER VIA Asset Management Unit 100A  Asset Management Unit (1) There is hereby established a Unit in the administrative establishment of the Reserve Bank to be known as the Asset Management Unit (hereinafter referred to as “the AMU”). (2) The AMU shall be a body corporate capable of suing and being sued in its corporate name and, subject to this Chapter, of performing all acts that bodies corporate may by law perform. (3) The AMU— (a) shall be headed by a Director-General appointed by the Governor in consultation with the Minister; and (b) shall consist of such other members of staff as may be necessary for the performance of its functions, who shall be appointed by the Director-General. (4) The staff of the AMU shall be answerable to the DirectorGeneral for the discharge of their duties and for any failure to do so or other breach of discipline, for which purpose the Director-General shall (as far as possible) apply the rules of the Reserve Bank pertaining to the discipline of the staff of the Reserve Bank. (5) The budget of the AMU— (a) shall be approved by the Board of the Reserve Bank; and (b) be managed by the Director-General independently of the Reserve Bank but be subject to internal audit by the Reserve Bank and be audited by the auditors of the Reserve Bank; and 19