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Implementing Effective Anti-Money Laundering/Countering the Financing of Terrorism (AML/CFT) Measures

As a Financial Service Provider (FSP), it is crucial to implement robust AML/CFT measures to prevent money laundering, terrorist financing, and predicate offenses. The following guidelines outline key points for FSPs to consider:

Risk Management

• Identify, assess, and manage risks associated with:
  • Money laundering (ML)
  • Terrorist financing (TF)
  • Predicate offenses (PF)
• Regularly review and update risk assessments to reflect changes in customer behavior, new technologies, embargoes, sanctions, etc.
• Have systems in place to monitor the effectiveness of risk mitigation policies, procedures, and controls.

Monitoring AML/CFT Systems

• Assess the adequacy of staff training and awareness on AML/CFT matters.
• Review internal coordination mechanisms between AML/CFT compliance and other functions/areas.
• Ensure that third-party service providers comply with AML/CFT regulations.
• Regularly review changes in relevant laws, regulatory requirements, and risk profiles of countries they operate in.

New Products and Technologies

• Identify and assess ML/TF risks associated with:
  • Digital storage
  • Electronic documentation
  • Data screening
  • Virtual currencies
• Develop policies and procedures to prevent the misuse of technological developments in ML/TF/PF schemes.

Internet-Based Transactions

• Do not offer online live account opening that bypasses normal identification procedures.
• Initial application forms can be completed online, but followed by appropriate identification checks before activating the account.

By following these guidelines, FSPs can ensure effective implementation of AML/CFT measures and prevent ML/TF/PF activities.