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Financial Sector Regulation: AML Requirements

Overview

In [country name], the regulation for anti-money laundering (AML) controls for banking is managed by the Banking Commission (www.beac.int). However, there is no designated regulator for other financial services, such as casinos and high-value goods. This article provides an overview of AML requirements in [country name] and highlights key areas to consider.

Regulatory Framework

The country’s public authorities do not provide practical guidance beyond the FATF recommendations and local legislation. As a result, there are no publicly available resources or guidelines to assist firms in complying with AML requirements.

Updates to Customer Databases

Since the introduction of the new AML regime, banks have been required to update their customer databases by verifying the identity of customers who were onboarded prior to the implementation of the new regulations.

Risk-Based Approach

The country’s financial regulator has not approved a risk-based approach for AML compliance. Instead, all customers are subject to the same level of due diligence and screening procedures.

Customer Due Diligence

There are no minimum thresholds below which transactions do not need to be reported. However, there is an obligation to report on transactions where the identity of the beneficiary or originator is suspicious.

Reporting Obligations

• All suspicious transactions must be reported, regardless of their value.
• There are no de minimis thresholds for reporting cash transactions above a certain threshold.

Suspicious Transaction Reporting

Financial institutions in [country name] are required to report any transactions that appear to be linked to money laundering or terrorist financing. The country’s AML regulations also require financial institutions to:

Maintain Accurate Records

• Financial institutions must maintain accurate and up-to-date records of all transactions.
• Regular reviews of transaction monitoring systems are also necessary.

Data Privacy

The country does not have established data protection laws. As a result, there are no specific definitions of “personal data” that cover material likely to be held for KYC purposes.

Prohibitions on Data Transfer

Financial institutions in [country name] are prohibited from transferring credit reports, criminal records, and medical data without explicit consent. There is no case law or other constitutional law that may impact upon the transfer of information to this jurisdiction.