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Anti-Money Laundering and Counter Terrorist Financing Act No. 29: Key Provisions

The Anti-Money Laundering and Counter Terrorist Financing Act No. 29 has several provisions aimed at preventing money laundering and terrorist financing. This article highlights key aspects of the act related to reporting persons and suspicious transactions.

Reporting Persons Obligations

Identification of Customers

• Reporting persons are required to verify the identity of their customers, taking into account factors such as country-specific anti-money laundering laws and industry standards (Section 16(5)).
• The identification process should consider relevant information from reliable sources, including government-issued documents.

Maintaining Customer Records

• Reporting persons must maintain detailed records of all transactions involving a specified amount of currency or foreign currency.
• These records should include the nature of evidence obtained during the customer identification process (Section 17).

Reporting Suspicious Transactions

Timely Reporting and Verification

• If a reporting person suspects a suspicious transaction, they must report it to the Financial Intelligence Unit (FIU) within 24 hours.
• The report should include necessary information and verification of the customer’s identity (Section 18).
• Failure to do so may result in fines or imprisonment.

Establishing Internal Procedures

• Reporting persons are expected to establish and maintain internal procedures for reporting suspicious transactions.
• These procedures should designate a person who will receive such reports from employees.

Preventing Money Laundering and Terrorist Financing

The provisions outlined above aim to prevent money laundering and terrorist financing by ensuring that financial institutions are vigilant about identifying customers’ identities and reporting suspicious activities.