AI Summary of 40. Reliance on other persons to carry out customer due diligence.
This section defines "relevant third party" as various professionals and institutions engaged in financial and legal services, including credit institutions and financial institutions, both within the State and other Member States. It outlines the criteria under which these entities can be recognised as relevant, alongside their compliance obligations per the Fourth Money Laundering Directive.
Moreover, it establishes the conditions under which designated persons may rely on these third parties to perform due diligence measures. However, it emphasises that the designated person retains liability for any failures in applying these measures, ensuring accountability throughout compliance processes.
40. Reliance on other persons to carry out customer due diligence.
(1) In this section, "relevant third party" means -
(a) a person, carrying on business as a designated person in the State -
(i) that is a credit institution,
(ii) that is a financial institution (other than an undertaking that is a financial institution solely because the undertaking provides either foreign exchange services or payment services, or both),
(iii) who is an external accountant or auditor and who is also a member of a designated accountancy body,
(iv) who is a tax adviser, and who is also a solicitor or a member of a designated accountancy body or of the Irish Taxation Institute,
(v) who is a relevant independent legal professional, or
(vi) who is a trust or company service provider, and who is also a member of a designated accountancy body, a solicitor or authorised to carry on business by the Central Bank of Ireland,
(b) a person carrying on business in another Member State who is supervised or monitored for compliance with the requirements specified in the Fourth Money Laundering Directive, in accordance with Section 2 of Chapter VI of that Directive and is -