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13. Due diligence requirements

A Reporting Financial Institution shall commence due diligence procedures in Sections II to VII of the Standard on identifiable Reportable Accounts from January 2017.

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13. Due diligence requirements

1. Short title

2. Interpretation

3. Application

4. Convention to have the force of law

4A. Inconsistent laws

4B. Competent Authority

5. Function of competent authority

5A. Delegation of functions

5B. Power to require the production of information

6. Power to enter premises to obtain information

7. Secrecy

8. Immunity from suit

9. Non-Reporting Financial Institution, Excluded Account and Participating Jurisdiction

10. Return

11. Communication of confidential information

12. Amendment and correction to return

14. Records

15. Service providers

16. Penalty

17. Liability to penalty

18. Assessment of penalty

19. Enforcement of penalty

20. Right to object to penalty

21. Procedure on objection to penalty

22. Notice of appeal

23. Refusal or failure to provide information

24. Anti-avoidance

25. Amendment of Schedule

26. Regulations

Schedule 1

Schedule 2

ACT

PRELIMINARY

1. Short title

2. Interpretation

3. Application

4. Convention to have the force of law

4A. Inconsistent laws

PART I COMPETENT AUTHORITY

4B. Competent Authority

5. Function of competent authority

5A. Delegation of functions

5B. Power to require the production of information

6. Power to enter premises to obtain information

7. Secrecy

8. Immunity from suit

PART II RETURN AND DUE DILIGENCE FOR FINANCIAL ACCOUNT INFORMATION

9. Non-Reporting Financial Institution, Excluded Account and Participating Jurisdiction

10. Return

11. Communication of confidential information

12. Amendment and correction to return

13. Due diligence requirements

14. Records

15. Service providers

PART III ENFORCEMENT

CIVIL PENALTY

16. Penalty

17. Liability to penalty

18. Assessment of penalty

19. Enforcement of penalty

20. Right to object to penalty

21. Procedure on objection to penalty

22. Notice of appeal

CRIMINAL PENALTY

23. Refusal or failure to provide information

PART IV MISCELLANEOUS

24. Anti-avoidance

25. Amendment of Schedule

26. Regulations

Schedule 1

Schedule 2

SUBSIDIARY LEGISLATION

Automatic Exchange of Financial Account Information (Designation of Non-Reporting Financial Institution) Order – Section 9(1)(a) (Statutory Instruments 107/2017 and 7/2019)

1. Citation

2. Designation of Non-Reporting Financial Institution

Schedule

Automatic Exchange of Financial Account Information (Designation of an Excluded Account) Order – Section 9(1)(b) (Statutory Instruments 119/2017 and 8/2019)

1. Citation

2. Designation of Excluded Account

3. Revocation

Schedule

Revised Laws of Saint Lucia (2023)

13. Due diligence requirements

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