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Money Laundering Act: New Regulations Aim to Combat Financial Crimes

In an effort to combat financial crimes and protect the integrity of the financial system, the government has introduced new regulations aimed at preventing money laundering and terrorist financing.

Background

The new regulations require reporting persons to take additional measures to verify customer identities, maintain accurate records, and report suspicious transactions.

Key Provisions

A person shall be deemed to have committed an offence of money laundering if their agent or officer commits such an offence during the course of business or employment, unless they can prove that the offence was committed without their knowledge or consent and all reasonable precautions were taken to prevent it.
Corporate bodies identified in subsection (3) of the Act are subject to stricter requirements. If a pattern of money laundering offences by such a body can be established, the body shall be subject to seizure and liquidation.
Reporting persons must verify customer identities and maintain accurate records of all transactions. Customers who are politically exposed persons require enhanced due diligence measures, including senior management approval for establishing business relationships with such customers.
New reporting requirements have been introduced for suspicious transactions. Reporting persons must report any suspicious transaction within 24 hours after forming the suspicion and provide detailed information to the Financial Intelligence Unit (FIU).

Key Highlights of the Regulations

Verification of customer identities
Maintenance of accurate records of transactions
Reporting of suspicious transactions within 24 hours
Enhanced due diligence measures for politically exposed persons
Stricter requirements for corporate bodies identified in subsection (3) of the Act

Penalties for Non-Compliance

Fines up to twice the market value of the property that is the subject of the offence
Imprisonment for a term not exceeding two years
In the case of a body corporate, fines three times the market value of the property that is the subject of the offence

Call to Action

The government is urging all financial institutions and individuals to take immediate action to comply with these regulations. Failure to do so can result in severe penalties and damage to reputation.

Source: Ministry of Finance