Section 27, Terrorism Act, 2012

A reporting entity shall implement appropriate riskmanagement systems– (a) to identify customers whose activities may pose a high risk of money laundering and financing of terrorism and shall exercise enhanced identification, verification, customer due diligence, as well as ongoing due diligence procedures with respect to these 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 the 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 on-going monitoring of the customer and the business relationship to prevent money laundering or the commission of other offences and to permit the financial institution, designated businesses and professions to fulfill their obligations under this Act, including all of the due diligence and reporting requirements.