Anti-Money Laundering and Terrorist Financing Regulations

Key Requirements for Reporting Persons

Reporting persons, including financial institutions and other organizations involved in financial transactions, must comply with the following requirements:

Record-Keeping Requirements

• Customer Information: Maintain records of customer information, including name, address, date of birth, and identification number.
• Transaction Details: Keep records of transaction details, such as date, time, type, and amount of currency involved.
• Currency Involved: Record the type and amount of currency involved in each transaction.

Retention of Records

• Minimum Retention Period: Maintain these records for at least five years from the date the relevant business or transaction was completed.

Reporting Suspicious Transactions

• Suspicious Transaction Identification: If a reporting person suspects a suspicious transaction, they must identify it promptly.
• Reporting Deadline: Report the suspicious transaction to the Financial Intelligence Unit (FIU) within 24 hours and before the transaction is carried out.
• Pre-Transaction Reporting: Reporting persons must report suspicious transactions even if they are not yet completed.

Additional Preventive Measures

• Internal Procedures: Establish internal procedures for reporting suspicious transactions, including a clear protocol for identifying and reporting suspicious activity.
• Employee Training: Train employees on money laundering and terrorist financing risks, their roles in preventing it, and the procedures for reporting suspicious transactions.
• Account Opening Requirements: Ensure that no accounts are opened or operated in a false, disguised, or anonymous name.