Here is the article rewritten in markdown format:
Training and Compliance
Section 36-39 of the regulations requires accountable institutions to ensure their employees receive adequate training on anti-money laundering (AML) procedures.
Requirements for AML Training
- Section 36: Accountable institutions must provide AML training to their employees.
- Section 37: The content of AML training programs is outlined in this section.
- Section 38: A compliance officer must be designated by accountable institutions to oversee AML efforts.
- Section 39: The Centre may provide guidance and support for implementing AML regulations.
Information Sharing
Section 40-43 permits the Centre to share information with other authorities to prevent or investigate money laundering, and requires accountable institutions to disclose customer identity information upon request.
Record Keeping
Section 44-49 of the regulations require accountable institutions to maintain records of customer identification, account openings, and transactions for at least five years.
Requirements for Record Keeping
- Section 44: Accountable institutions must maintain records of customer identification, account openings, and transactions.
- Section 45: The format for keeping records on customer identification is outlined in this section.
- Section 46: Records must be kept in a secure manner to prevent unauthorized access.
- Section 47: The Centre may inspect records upon request.
- Section 48: Accountable institutions must retain records of suspicious transactions for at least five years.
- Section 49: The Centre may review and obtain records related to customer identification, account openings, and transactions.
Miscellaneous
Section 50-53 defines key terms used in the regulations, outlines procedures for amending or repealing the regulations, requires accountable institutions to comply with international standards on AML regulations, and permits the Centre to request information or assistance from other countries.
Key Definitions
- Section 50: Key terms are defined in this section.
- Section 51: Procedures for amending or repealing the regulations are outlined in this section.
- Section 52: Accountable institutions must comply with international standards on AML regulations.
- Section 53: The Centre may request information or assistance from other countries to prevent or investigate money laundering.