Financial Crime World

Here is the rewritten article in markdown format:

Anti-Money Laundering Regulations (2018 Revision)

Part III: Customer Due Diligence

To combat money laundering and terrorist financing, a person carrying out relevant financial business must adhere to the following requirements:

  • A person must not keep anonymous accounts or accounts in fictitious names.
  • The person must undertake customer due diligence measures when:
    • Establishing a business relationship
    • Carrying out a one-off transaction valued over $15,000 (or linked transactions)
    • Carrying out a wire transfer
    • Suspecting money laundering or terrorist financing
    • Doubting the veracity or adequacy of previously obtained customer identification data

Part IV: Identification and Record-Keeping Requirements

A person carrying out relevant financial business must comply with the identification and record-keeping requirements specified in Parts IV and V. This includes:

  • Obtaining and verifying customer identification information
  • Maintaining accurate and up-to-date records of customer transactions
  • Ensuring that all records are secure and easily accessible for auditing purposes

Part V: Internal Control and Audit

To prevent money laundering and terrorist financing, a person carrying out relevant financial business must maintain internal control procedures. These procedures should include:

  • Maintaining records of customer due diligence measures
  • Conducting regular risk assessments to identify potential vulnerabilities
  • Implementing policies, controls, and procedures to manage and mitigate risks

Part VI: Group-Wide Programmes

A financial group or other person carrying out relevant financial business through a similar financial group arrangement must implement group-wide programmes against money laundering and terrorist financing. This includes:

  • Establishing clear policies and procedures for managing risk
  • Conducting regular audits and reviews to ensure compliance
  • Providing training and education to employees on anti-money laundering and counter-terrorist financing regulations

Part VII: Assessing and Applying a Risk-Based Approach

A person carrying out relevant financial business must take steps to identify, assess, and understand its money laundering and terrorist financing risks. This includes:

  • Conducting regular risk assessments to identify potential vulnerabilities
  • Documenting and keeping current all risk assessments
  • Considering all relevant risk factors before determining the level of overall risk and implementing appropriate mitigation measures

Part VIII: New Products, Business Practices, Delivery Mechanisms, and New or Developing Technologies

A person carrying out relevant financial business must undertake a risk assessment prior to launching new products or business practices, using new delivery mechanisms, or employing new or developing technologies. This includes:

  • Identifying potential risks associated with the new product or service
  • Assessing the potential impact on the business and its customers
  • Implementing appropriate controls and procedures to mitigate any identified risks