Anti-Money Laundering and Combating Terrorist Financing Regulations

Introduction

The following regulation outlines the requirements for reporting persons to maintain records, report suspicious transactions, and take preventive measures in order to combat money laundering and terrorist financing.

Record-Keeping Requirements

• Reporting persons must keep records of certain information for at least five years after the relevant business or transaction is completed.
• The required records include:
  • Name and address of the reporting person
  • Nature and date of the transaction
  • Type and amount of currency involved

Reporting Suspicious Transactions

• If a reporting person suspects a suspicious transaction, they must report it to the Financial Intelligence Unit (FIU) within 24 hours.
• The report should include:
  • Purpose of the transaction
  • Origin and ultimate destination of the funds or property involved
  • Identity and address of any ultimate beneficiary

Preventive Measures

• Reporting persons are required to establish internal reporting procedures.
• Designate a person to whom employees can report suspicious transactions.
• Provide training to employees on recognizing and handling transactions related to money laundering or terrorist financing.

Penalties for Non-Compliance

• Failure to comply with the requirements outlined in this regulation may result in penalties, including fines and imprisonment.