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FSC Introduces New Measures to Enhance AML/CT Framework
The Financial Services Commission (FSC) has announced the introduction of new measures aimed at strengthening its Anti-Money Laundering and Counter-Financing of Terrorism (AML/CFT) framework.
Revised Guidelines: Strengthening Risk-Based Approach
The revised guidelines, which replace the 2015 guidelines, require financial institutions to adopt a risk-based approach to their AML/CFT frameworks. This means that:
- Institutions will be required to develop risk profiles for all customers
- Conduct thorough Know Your Customer (KYC) and Customer Due Diligence (CDD) requirements
- Implement effective measures to prevent money laundering and terrorist financing
Enhanced Monitoring and Focus on High-Risk Individuals
Additionally, the new guidelines emphasize the importance of monitoring cash transactions, particularly those above a certain threshold. Financial institutions will also be required to:
- Heighten their focus on Politically Exposed Persons (PEPs), individuals who may pose a higher risk due to their position or influence
- Implement robust measures to prevent money laundering and terrorist financing
Vigilance in Virtual Assets Transactions
The FSC has also highlighted the growing trend of virtual assets and the associated risks. Financial institutions are advised to:
- Be vigilant in monitoring transactions involving these assets
- Implement robust measures to prevent money laundering and terrorist financing
Statement from FSC Spokesperson
“The revised guidelines are designed to ensure that our AML/CFT framework is robust, effective, and in line with international standards,” said a spokesperson for the FSC. “We urge all financial institutions to adopt these new measures and work closely with us to prevent money laundering and terrorist financing.”
Effective Date and Compliance Requirements
The new guidelines take effect immediately, and financial institutions are required to implement the necessary changes by [insert date]. Failure to comply may result in regulatory action.
Contact Information
Financial Services Commission [insert contact information]