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Compliance with Anti-Money Laundering Regulations: A Guide

Responsibility and Training

As an operator subject to the Anti-Money Laundering Act, it is essential that you ensure your staff are trained to identify and prevent money laundering and terrorist financing. This includes:

• Identifying and verifying customer identities
• Conducting background checks on customers and their representatives
• Monitoring transactions for suspicious activity

Responsibility for internal compliance with the Act can be delegated to a member of the organisation’s management.

Customer Due Diligence (CDD)

Effective CDD is critical in preventing money laundering and terrorist financing. This involves:

• Identifying customer representatives and beneficial owners
• Verifying identity from official documents
• Running background checks on customers and their representatives
• Keeping CDD documents for at least five years after the end of each customer relationship or transaction

Enhanced customer due diligence is required if a specific customer relationship or transaction involves an unusually high risk of money laundering or terrorist financing.

Identification

If you need to identify a customer remotely, run additional checks by consulting reliable sources of information to verify that the customer is who they say they are. Use strong electronic authentication to verify a customer’s identity.

Monitoring and Reporting

Monitor your customers’ activity to identify suspicious transactions:

• Check the origin of funds involved in any suspicious transactions
• If you are not satisfied with the origin of the funds, report the transaction to the National Bureau of Investigation’s Financial Intelligence Unit

Beneficial Owners

Beneficial owners are individuals who have control over a business or organisation by holding more than 25% of shares or voting rights directly or indirectly. Identify beneficial owners and check their identity if necessary.

Politically Exposed Persons (PEPs)

PEPs are individuals who hold an important public position. Establishing a customer relationship with a PEP requires certain steps to be taken by senior management, including:

• Authorising the customer relationship
• Establishing the origin of assets or funds involved in the customer relationship

Prevention of Terrorist Financing

Operators subject to the Anti-Money Laundering Act have a duty to help prevent terrorist financing. Compliance with laws on sanctions and freezing of funds is key to preventing terrorist financing:

• Monitor customers’ activity to spot signs of terrorist financing