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

It appears that financial institutions and other liable persons must follow strict guidelines when establishing and verifying the identity of clients. These requirements are designed to prevent money laundering and terrorism financing by ensuring that financial institutions have a clear understanding of their clients’ identities and activities.

Key Requirements

• Identification and Verification: Liable persons must verify and establish the identity of clients, including natural persons and legal persons, by obtaining data from valid identification documents or other public records.
• Data Collection: The following information must be collected:
  • Name
  • Date of birth
  • Address
  • Nationality
  • Occupation
  • Proof of business activity (e.g., registration certificate)
• Identity Verification for Legal Persons: For legal persons, liable persons must verify identity by obtaining data from court registries or other public records. Documentation must be updated and accurate.
• Representatives and Authorized Persons: Liable persons must also establish and verify the identity of legal person representatives and authorized persons.
• Annual Re-identification for Foreign Legal Persons: For foreign legal persons engaged in transactions, liable persons must undertake repeated identification at least once a year.

Purpose of Requirements

These requirements aim to prevent money laundering and terrorism financing by ensuring that financial institutions have a clear understanding of their clients’ identities and activities. By following these guidelines, liable persons can help maintain the integrity of the financial system and protect against illicit activities.