Section 5 Money Laundering Act

Section 5 of the Money Laundering (Prevention and Prohibition) Act 2022 is about Duties incumbent upon casinos. It provides as follows:

(1) A casino shall—
(a) verify the identity of any of its customers carrying out financial transactions by requiring its customer to present a valid original document bearing his name and address ; and
(b) record all transactions under this section in chronological order including—

(i) the nature and amount involved in each transaction, and
(ii) each customer’s surname, forenames and address, in a register forwarded to the Special Control Unit against Money Laundering for that purpose.

(2) A register kept under subsection (1)(b) shall be forwarded to the Unit and preserved for at least five years after the last transaction recorded in the register.

(3) In this section, casino includes internet casino and ship-based casinos.

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