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Anti-Money Laundering (AML) and Combating the Financing of Terrorism (CFT) Regulations in Afghanistan

This regulation outlines key requirements for financial institutions to implement Anti-Money Laundering (AML) and Combating the Financing of Terrorism (CFT) measures in Afghanistan.

Customer Due Diligence (CDD)

Customer due diligence is a crucial aspect of AML/CFT regulations. Financial institutions must take reasonable measures to determine if a customer is acting on their own or on behalf of one or more beneficial owners.

• If a customer is a company listed on a stock exchange, financial institutions are not required to identify and verify the identity of any shareholder or beneficial owner.
• For customers that are other legal entities or arrangements, financial institutions must ensure business and company registration documents remain valid throughout the relationship.

Simplified Customer Due Diligence

Financial institutions may apply simplified customer due diligence procedures if they undertake a documented risk assessment of the customer relationship. Simplified measures should be commensurate with the risk factors.

• Where requested by Da Afghanistan Bank (DAB), financial institutions must submit their underlying risk assessment and basis for applying simplified customer due diligence.

Delayed Customer Identification Verification

In certain circumstances, financial institutions may engage in business relationships prior to completion of verification process. This is allowed if it occurs as soon as reasonably practicable, is essential not to interrupt normal conduct of business, and ML/TF risks are effectively managed.

• Procedures must include a set of measures to manage the ML/TF risks.

Additional Requirements for Customer Information

Financial institutions must gather and maintain customer and beneficial owner information throughout the course of the business relationship. Documents, data or information collected under the CDD process should be kept up-to-date by undertaking reviews at appropriate times as determined by the financial institution.

• In the case of legal persons, financial institutions must ensure that business registration documents remain valid, obtain updated financial statements, and taxation information on an annual basis.