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

Reporting Requirements for Suspicious Transactions

In this section, we will discuss the requirements for reporting suspicious transactions to regulatory authorities.

Article 12: Filing a Suspicious Transaction Report (STR)

If a transaction is suspected of involving money laundering or terrorist financing, an enterprise must file a Suspicious Transaction Report (STR) with the Investigation Bureau, Ministry of Justice within two business days of approval by the responsible compliance officer. In cases where urgency is involved, an STR may be filed as soon as possible via fax or other feasible means.

Article 13: Filing an STR under Article 7 of the Counter-Terrorism Financing Act

When filing an STR under Article 7 of the Counter-Terrorism Financing Act, an enterprise must submit a report to the Investigation Bureau, Ministry of Justice in the format and manner prescribed by the Bureau within two business days of approval.

Risk Assessment and Mitigation

This section outlines the requirements for risk assessment and mitigation to prevent money laundering and terrorist financing.

Article 14: Identifying and Assessing Risks

Enterprises are required to identify, assess, and understand their money laundering and terrorist financing risks. The risk assessment should be documented every two years, consider all relevant factors, and provide a clear level of overall risk. Appropriate measures must be taken to mitigate these risks.

Internal Audit and Control Systems for AML/CFT Operations

This section outlines the requirements for establishing internal audit and control systems to ensure effective AML/CFT operations.

Article 15: Establishing Internal Audit and Control Systems

Enterprises are required to establish internal audit and control systems based on their ML/TF risks and business size. The system should include procedures for operating and controlling AML/CFT, appointing an AML/CFT compliance officer, screening employees, providing ongoing training, conducting regular risk assessments, and implementing independent audits.

Key Points to Remember

• Filing a Suspicious Transaction Report (STR) within two business days of approval by the responsible compliance officer
• Submitting reports in the format and manner prescribed by the Investigation Bureau, Ministry of Justice
• Documenting risk assessment every two years
• Establishing internal audit and control systems based on ML/TF risks and business size