Section 19 – Reporting obligations of relevant institutions
49.Section 19 imposes an obligation on relevant institutions to inform the Treasury as soon as practicable if, during the course of their business, they have or obtain information which causes the institution to know or suspect that a person is a designated person or has committed an offence under any provision of Chapter 2 (prohibitions in relation to designated persons) (subsection (1)). Subsection (2) requires that where a relevant institution has identified a person as a designated person or someone who has committed a Chapter 2 offence, the institution must inform the Treasury of the information which led to the person being so identified and state any information which can be used to identify the customer. Subsections (3) and (4) provide that if it knows or reasonably suspects that a customer is a designated person the institution must also tell the Treasury of the nature and amount of funds or economic resources it holds in respect of that customer. Subsection (5) makes it an offence for a relevant institution to fail to comply with any requirement of subsection (1), (2) or (4).
