Financial Crime World

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Financial Institutions Must Boost Anti-Money Laundering Measures

In a move to combat money laundering and terrorism financing, financial institutions in [Country] have been instructed to enhance their customer due diligence (CDD) measures.

Enhanced Customer Due Diligence Measures

According to new regulations, financial institutions must:

  • Examine the background and purpose of all complex transactions, including those with unusual patterns or no apparent economic or lawful purpose.
  • Obtain additional information on the customer, their occupation, and the source of funds or assets for higher-risk business relationships.
  • Obtain approval from senior management before commencing or continuing a business relationship with a high-risk customer.

Simplified Customer Due Diligence Measures

In addition, financial institutions are required to apply simplified CDD measures in certain circumstances where the risk of money laundering or terrorism financing is lower. These measures may include:

  • Reducing the frequency of customer identification updates
  • Monitoring transactions less frequently

Delayed Customer Verification

The regulations also allow for delayed customer verification, provided that the financial institution can effectively manage the risks of money laundering and terrorism financing. This may involve:

  • Limiting the number, types, and amounts of transactions that a customer can perform before verification is complete

Record Keeping

Financial institutions are required to maintain accurate and up-to-date records on their customers and beneficial owners. This includes:

  • Gathering and maintaining information throughout the course of the business relationship
  • Reviewing existing records at appropriate times

Purpose of New Regulations

The new regulations aim to strengthen the anti-money laundering measures in [Country] and prevent the use of the financial system for illegal activities. Financial institutions must comply with these regulations to ensure that they are not used to facilitate money laundering or terrorism financing.

Sources:

  • Da Afghanistan Bank
  • Anti-Money Laundering and Combating Financing of Terrorism Law

Note: This article is based on publicly available information and should not be considered as the sole source of information. It is recommended that readers consult the original regulations and sources for further details and accuracy.