Section 9 — Criminal Asset Recovery Order, 2012

(a)

identify customers whose activities may pose a high risk of money laundering and financing of terrorism and shall exercise enhanced identification, verification and ongoing due diligence procedures with respect to such customers; and

(b)

to determine if a customer or a beneficial owner is a politically-exposed person and if so, shall –

(i)

obtain approval from senior management before establishing a business relationship with a customer, or later, as soon as an existing customer is identified as a politically-exposed person;

(ii)

take all reasonable measures to identify the source of wealth and funds and other assets of the customer; and

(iii)

provide increased and ongoing monitoring of the customer and the business relationship to prevent money laundering, financing of terrorism or the commission of other offences and to permit the financial institution or designated businesses and professions to fulfill their obligations under this Order, including all of the due diligence and reporting requirements thereof.

Identification and account-opening for cross-border correspondent banking relationships.