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Revised Laws of Saint Lucia (2021)

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14J. Customer due diligence measures

A licensed financial institution must undertake customer due diligence measures that are consistent with guidelines issued by the Central Bank.

(Inserted by Act 16 of 2021)

14J. Customer due diligence measures

3. Jurisdiction to try offences under this Act

8. Investigation

9. Revenue of Authority

10. Expenses of Authority

11. Financial year

12. Annual Report

13. Annual Budget

14. Accounts and audit

24. Forfeiture of property and Forfeiture Fund

25. Third party rights

26. Application of sections 23 and 24

27. Rules for establishing actus reus

32. Offence committed by a body of persons

33. Other offences

35. Secrecy obligations overridden

37. Criminal or civil liability for information

39. Mandatory injunction

40. Compensation

41. (Repealed by Act 9 of 2011)

16A. Standard for reasonable suspicion

21. Transactions exceeding $25,000

23. Freezing of property

33A. Restrictions on conviction for money laundering offence

33B. Suspension or revocation of licence by order of the court

40A. Prosecution of summary offences

41. Duties of Central Bank

42. Power to amend Schedules

2. Interpretation

4. Continuation of Authority

5. Functions of the Authority

6. Powers of the Authority

6A. Power to issue directions

6B. Penalty for failure to comply with direction

7. Additional functions

7B. Director of the Authority

14A. Interpretation of Part 2A

14C. Inspection of a licensed financial institution by the authority

14D. Issue of prudential standards

14E. Powers of the Central Bank

14F. Suspension of activity

14G. Suspension or revocation of licence

14I. Risk assessment of a Licensed Financial Institution

14K. Liability of the Central Bank for actions or omissions

14L. Liability of a Licensed Financial Institution for disclosure of information

14M. Non-disclosure

15. Customer identity

16. Responsibility of financial institution or person engaged in other business activity

16B. Risk assessment

17. Customer due diligence

18. Politically exposed persons

19. Internal reporting procedures

20. Further precautionary measures

21. Source of funds declaration

22. Warrants to search or seize

28. Concealing or transferring proceeds of criminal conduct

29. Arranging with another to retain the proceeds of criminal conduct

30. Acquisition, possession or use of proceeds of criminal conduct

31. Attempts, aiding, abetting, counselling, procuring and conspiracy

34. Mutual assistance

38. Confidentiality

41. (Repealed by Act 9 of 2011, Re-inserted by Act 13 of 2019 and Repealed by Act 16 of 2021)

43. Regulations