Section 20

Subsidiary LegislationIn forceProvision 20 of 23

Section 20

(1)

Any financial institution or designated non-financial business and profession shall inform the Authority as soon as practicable if -

397

{a)

it knows, or has reasonable cause to suspect, that a person -

(i)

is a designated person;

(ii)

has dealt or is dealing with property owned, held or controlled by a designated person; or

(iii)

made or is making property or financial services available

(directly or indirectly) to a designated person or for the benefit of a designated person;

(b)

the information or other matter on which the knowledge or suspicion is based came to it in the course of carrying on its business.

(2)

Where any financial institution or designated non-financial business and profession informs the Authority under sub-regulation (1), it shall state-

(a}

the property in question;

(b)

the information or other matter on which the knowledge or suspicion is based;

(c)

any information it holds about the person by which the person can be identified;

(d}

as much information about the property (including information about the owner and controller of the property) as is known;

(e}

the nature and amount or quantity of any fund or property held by it for the customer at the time when it first had the knowledge or suspicion;

and

(f)

the reasons for the suspicion.

Bona fide third parties.