Financial Crime World

Revised Anti-Money Laundering Regulations: Key Definitions

The [Country/Island] government has revised its anti-money laundering regulations to strengthen the country’s financial system and prevent illicit activities. This article outlines the key definitions introduced by the revised regulations.

New Definitions

The revised regulations introduce several new definitions, including:

  • Politically Exposed Person (PEP): An individual who holds or has held a significant public function, such as a head of state, government official, or member of parliament.
  • Family Member: The spouse, parent, sibling, or child of a PEP.
  • Financial Group: A group consisting of a parent company and its subsidiaries that are subject to anti-money laundering policies and procedures at the group level.
  • Intermediary Payment Service Provider: A payment service provider that participates in the execution of transfers of funds but is neither the payer nor the payee.

Other Key Definitions

The revised regulations also introduce definitions for:

  • Money Laundering: Doing any act which constitutes an offence under sections 19 to 22 of the Terrorism Law (2018 Revision) or section 144(10) of the Law.
  • Former DNFBP: A person who has ceased to carry on business as a Designated Non-Financial Business or Profession (DNFBP).
  • Insurance Business: Business of any of the classes of business specified in the Schedule.

Fines and Penalties

The revised regulations introduce new terminology related to fines and penalties, including:

  • Fine Discretion: The discretion granted to a Supervisory Authority to decide whether to impose a fine and the amount of the fine.
  • Fine Notice: A notice issued by a Supervisory Authority under regulation 55ZG.
  • Interest: Interest accrued or accruing on a fine under regulation 55ZQ.

Effective Date and Scope

The revised regulations come into effect on [Date] and apply to all financial institutions, designated non-financial businesses and professions, and other entities subject to anti-money laundering regulations. These changes aim to enhance transparency, accountability, and compliance with anti-money laundering regulations in [Country/Island].