Financial Crime World

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Anti-Money Laundering (AML) and Combating Financing of Terrorism (CFT) Regulations

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Main Topics Covered

The following are key aspects of the law regulating AML and CFT:

  • Reporting Entities

    Reporting entities, including financial institutions, must report suspicious transactions or business relationships.

  • Suspicious Transactions

    Financial institutions should identify complex, unusually large, or unusual transactions with no apparent economic or other legitimate purpose.

  • Additional Scrutiny

    Financial institutions are required to maintain data on transactions and submit it to the Authorized Body upon request.
  • When registering a new business or changing its ownership structure, beneficial owners must be declared to the state body performing registration.

  • Licensing of Financial Institutions

    Licensing bodies must request information about beneficial owners and verify its accuracy.

Key Entities Involved

The following entities play crucial roles in implementing AML and CFT regulations:

  • Reporting Entities

    • Financial institutions
    • Non-financial businesses
    • Professions (e.g., lawyers, accountants) that are required to report suspicious transactions or business relationships.

  • Authorized Body

    The government agency responsible for receiving reports, analyzing them, and taking action against money laundering and terrorism financing.

Important Functions of the Authorized Body

The following are key functions of the Authorized Body:

  • Receiving reports from reporting entities
  • Analyzing received reports and information
  • Sending statements to criminal investigation authorities in cases of suspected money laundering or terrorism financing
  • Requesting information from reporting entities and state bodies
  • Issuing assignments for rectifying deficiencies in internal legal acts of reporting entities
  • Providing typologies and data necessary for identification of persons or suspicious transactions