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Anti-Money Laundering/Combating the Financing of Terrorism (AML/CFT) Compliance Guidelines

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Institutional Responsibilities

Money remittance institutions have key responsibilities to ensure effective AML/CFT compliance.

Allocating Adequate Resources

• Allocate sufficient resources for AML/CFT compliance programs.
• Ensure remedial actions are taken on AML/CFT issues proposed by the Financial Intelligence Unit and regulator.

Compliance Officer Role and Responsibilities

The Compliance Officer plays a crucial role in ensuring institutional compliance with AML/CFT requirements.

Key Requirements for Compliance Officers

• The Compliance Officer must be appointed at management level with sufficient authority.
• Must have “fit and proper” status, based on criteria including:
  • Probity
  • Personal integrity
  • Reputation
  • Competency
  • Capability

Duties of the Compliance Officer

• Ensure institutional compliance with AML/CFT requirements.
• Implement policies effectively.

Employee Due Diligence Procedures

Employee due diligence procedures apply to both hiring and ongoing employment.

Employee Assessment System

• Involves an employee assessment system that evaluates personal information, including:
  • Criminal records
  • Employment history

Employee Training and Awareness Programs

Institutions are required to conduct regular training programs on AML/CFT practices for employees.

Training Requirements

• Provide access to the institution’s AML/CFT policies and procedures.
• Conduct regular training programs on AML/CFT practices.