Money Laundering and Proceeds of Crime Act Act No. 4/2013 Provided that a directive9 prescribe circumstances, such as where the ownership relates to public companies, in which such identification and verification is not necessary. 16 Timing of customer identification and verification (1) The identification and verification of the identity of each customer, and obtaining of other information required by section 15, shall take place before the establishment of an account, or of a business relationship (or before the carrying on of further business, if money laundering or financing of terrorism is suspected, or if doubts exist about the veracity or adequacy of previously-obtained previously obtained identity documents): Provided that the Director may, through a directive, prescribe the circumstances in which the verification of identity may be completed as soon as reasonably practicable after the commencement of the business if— (a) the risk of money laundering or financing of terrorism is effectively managed; and (b) a delay in verification is unavoidable in the interests of not interrupting the normal conduct of business. (2) A financial institution or designated non-financial business or profession shall apply the identification and verification requirements of section 15 to customers and beneficial owners with which it had a business relationship at the time of the coming into force of this Act on a risk-sensitive basis depending on the type and nature of the customer, business relationship, product or transactions, or as may otherwise be prescribed by directives or regulations. (3) Where a financial institution or designated non-financial business or profession has entered into a continuing business relationship with a person whose identity and other particulars it has confirmed and established in terms of section 15, the institution, business or profession concerned shall take reasonable steps to ensure that it is informed of, or ascertains, any changes in that identity or those particulars. 17 Particulars of customer identification To the extent that the following particulars are not disclosed by the identity document in question, every financial institution and designated non-financial business or profession shall obtain and verify, when required to do so as part of their obligations under sections 6, the following particulars in respect of a customer, true as at the date referred to in section 6— (a) for a customer who is an individual, his or her the full name and address and date and place of birth; (b) for a legal person the corporate name, head office address, identities of directors, proof of incorporation or similar evidence of legal status and legal form, provisions governing the authority to bind the legal person, and such information as is necessary to understand the ownership and control of the legal person; (c) for legal arrangements, the names of every the trustee, the settlor, and beneficiary of an express trust, and of any other party with authority to manage, vary or otherwise control the arrangement; (d) in addition to the identity of the customer, the identity of any person acting on behalf of a customer, including evidence that such person is properly authorised to act in that capacity; (e) information on the intended purpose and nature of each business relationship; (f) sufficient information about the nature and business of the customer to permit the financial institution or designated non-financial business or profession to fulfil its obligations under this Act. 9 (sic) Word/s missing at this point (“may”?). - 25 -