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Financial Institutions Take Steps to Combat Money Laundering and Terrorism Financing

In a bid to prevent the misuse of financial systems, reporting entities have been instructed to take rigorous measures to detect and report suspicious transactions suspected of money laundering or financing terrorism.

Reporting Entities Must Improve Customer Due Diligence

According to Article 17, reporting entities must submit reports to AMLIO (Anti-Money Laundering Intelligence Office) on any transactions deemed high-risk. The reports will enable the authorities to track and monitor financial transactions and prevent illegal activities.

Conduct thorough customer due diligence, including verifying the identity of customers and their beneficial owners
Verify the identity of high-risk customers, such as those with a history of suspicious transactions or those who have not been transparent about their business operations

Customer Due Diligence for Politically Exposed Persons

Article 20 emphasizes the importance of customer due diligence for politically exposed persons (PEPs). These individuals, who include government officials, politicians, and business leaders with significant influence, are considered high-risk customers.

Verify the identity of PEPs
Check for any suspicious transactions
Monitor their activities regularly

Individuals with Legal Agreements

Article 21 highlights the importance of customer due diligence for individuals with legal agreements, including those who have established legal entities or partnerships.

Verify the identity of these individuals
Check their documentation
Establish measures to ensure that they are transparent about their business operations

Conclusion

Financial institutions have a critical role to play in preventing money laundering and terrorism financing. By taking rigorous measures to detect and report suspicious transactions, reporting entities can help prevent illegal activities and maintain the integrity of the financial system.