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Strengthening Anti-Money Laundering and Combating the Financing of Terrorism Efforts

Comoros Financial Regulators Issue New Guidelines to Enhance AML/CFT Framework

Moroni, Comoros

The Comorian government has issued new regulations aimed at strengthening the country’s anti-money laundering (AML) and combating the financing of terrorism (CFT) framework. The guidelines, effective immediately, require financial institutions to enhance their suspicious transaction reporting mechanisms.

Improving Detection and Prevention of Money Laundering and Terrorist Financing

The new regulations are designed to improve the detection and prevention of money laundering and terrorist financing activities in Comoros. Financial institutions, including banks, insurance companies, and other regulated entities, are now required to implement robust AML/CFT programs that include:

  • Enhanced customer due diligence
  • Ongoing monitoring
  • Reporting of suspicious transactions

Suspicious Transaction Reporting

Under the new guidelines, financial institutions must report all suspicious transactions to the Financial Intelligence Unit (FIU), which is responsible for analyzing and disseminating the information to relevant authorities. The FIU will also conduct regular assessments of financial institutions’ AML/CFT programs to ensure compliance with the new regulations.

Detailed Records of Transactions

Financial institutions are now required to maintain detailed records of all transactions, including:

  • Source of funds
  • Purpose of transaction
  • Beneficiary information

International Cooperation

The Comorian government has emphasized the importance of international cooperation in the fight against money laundering and terrorist financing. The country is working closely with regional and international partners to share information and best practices in AML/CFT.

Key Takeaways

  • Financial institutions must implement robust AML/CFT programs, including enhanced customer due diligence, ongoing monitoring, and reporting of suspicious transactions.
  • Suspicious transactions must be reported to the Financial Intelligence Unit (FIU).
  • The FIU will conduct regular assessments of financial institutions’ AML/CFT programs to ensure compliance with the new regulations.
  • Financial institutions are required to maintain detailed records of all transactions, including source of funds, purpose of transaction, and beneficiary information.
  • International cooperation is crucial in the fight against money laundering and terrorist financing.