Paragraph 2

(1)

A relevant institution must as soon as practicable inform the Treasury if it knows or suspects that a relevant person—

(a)

is a designated person;

(b)

is a person owned or controlled, directly or indirectly, by a designated person;

(c)

is a person acting on behalf or at the direction of a designated person; or

(d)

has committed an offence under article 6, 7, 8, 10 or 11.

(2)

A relevant institution, where it informs the Treasury under sub-paragraph (1), must state—

(a)

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

(b)

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

(c)

the nature and amount or quantity of any funds or economic resources held by the relevant institution for the relevant person since the 2002 Order came into force^f1.

(3)

A relevant institution that fails to comply with a requirement in paragraph (1) or (2) is guilty of an offence.

(4)

In this paragraph, “relevant person” means—

(a)

a customer of the institution;

(b)

a person who has been a customer of the institution since the 2002 Order came into force; or

(c)

a person with whom the institution has had dealings in the course of its business since then.

Annotations

Footnotes

f1: The Order referred to came into force on 25th January 2002.