Anti-Money Laundering and Combating the Financing of Terrorism Regulations in Cambodia

Overview

The Anti-Money Laundering and Combating the Financing of Terrorism Prakas outlines the regulations for banks and financial institutions in Cambodia to prevent money laundering and terrorist financing. The following are key points from this document.

Customer Due Diligence

• Banks and financial institutions must conduct ongoing due diligence on customers, especially those from countries with inadequate Anti-Money Laundering (AML) and Combating the Financing of Terrorism (CFT) measures.
• This ensures that high-risk customers are properly identified and monitored.

Cash Transaction Reporting

• Transactions exceeding $10,000 (or 40 million Riel) must be reported to the Financial Intelligence Unit within 14 days.
• This helps track large transactions and prevent potential money laundering activities.

Suspicious Transaction Reporting

• Banks and financial institutions must establish a reporting system for suspicious transactions.
• All employees should report suspicious transactions to a senior management-level compliance officer, who will evaluate the report and submit it to the Financial Intelligence Unit within 24 hours.

Reporting Mechanisms

• A senior management-level compliance officer is responsible for submitting suspicious transaction reports to the Financial Intelligence Unit.
• This ensures that all suspicious transactions are properly reported and investigated.

Note: This summary is not exhaustive, and you should consult the original document for more detailed information on these regulations.