Financial Crime World

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Anti-Money Laundering (AML) and Combating the Financing of Terrorism (CFT): Obligations for Reporting Entities

Reporting Entities, including financial institutions, dealers in real estate, precious metals and stones, lawyers, notaries, accountants, auditors, tax advisers, trust and company service providers, and money or value transfer services, have certain obligations under anti-money laundering (AML) and combating the financing of terrorism (CFT) laws.

Identification of Parties

Reporting Entities are required to identify their customers and clients in certain transactions, including:

  • Buying and selling real estate
  • Managing client money, securities, or assets
  • Creating or managing companies
  • Acting as directors or secretaries of companies

Money and Value Transfer Services

Institutions that provide money or value transfer services must obtain and verify customer information, including:

  • Full name
  • Address
  • National ID number
  • Passport number
  • Work permit number
  • Account number
  • Financial institution’s originator information (if necessary)

Regulatory Exemptions

Certain transactions are excluded from the scope of these obligations, including:

  • Credit card or debit card transactions where the card number accompanies the transfer
  • Domestic money or value transfers between two financial institutions acting on their own behalf

Reporting Requirements

If a Reporting Entity receives a money or value transfer without complete originator information, they must take measures to obtain the missing information from the ordering institution or beneficiary. Failure to do so will result in refusing acceptance of the transfer and reporting it to the Financial Intelligence Unit.

Please note that this is just a summary of the section you provided, and there might be additional requirements or nuances within the law that are not included here.