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

The Cambodian government has implemented regulations to prevent money laundering and combat the financing of terrorism. This article provides an overview of the key requirements for banks and financial institutions.

General Obligations

Implementing Effective AML/CFT Measures

Banks and financial institutions are required to implement effective anti-money laundering and combating the financing of terrorism measures. This includes establishing a robust system to prevent and detect money laundering activities.

Customer Due Diligence

Requirements for Identifying and Verifying Customers

  • Identify and verify the identity of customers.
  • Obtain information about the source of funds.
  • Conduct ongoing monitoring of customer transactions.

Record Keeping and Reporting

Maintaining Accurate Records and Reporting Suspicious Transactions

Banks and financial institutions are required to maintain accurate records and report suspicious transactions to the Financial Intelligence Unit.

Risk Management

Establishing an Effective Internal Control System

Banks and financial institutions must establish an effective internal control system for AML/CFT compliance. This includes implementing policies, procedures, and controls to prevent money laundering activities.

Prohibition of Tipping Off

Preventing Disclosure of Suspicious Transactions

Banks and financial institutions are prohibited from tipping off customers about suspicious transactions or reporting them to the Financial Intelligence Unit without authorization.

Other Issues

Maintaining a Complete File on Suspicious Transaction Reports

  • Maintain a complete file on suspicious transaction reports.
  • Ensure that officers and employees are aware of reporting procedures.

Detection and Reporting of Financing of Terrorism

Compliance with United Nations Security Council Resolutions

Banks and financial institutions are required to take necessary measures to ensure compliance with United Nations Security Council Resolutions and relevant regulations and legislation on financing of terrorism.

Risk Management (Continued)

Board of Directors’ Responsibility

The Board of Directors of banks and financial institutions is responsible for establishing an effective internal control system for AML/CFT compliance.