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Malawi Government Issues Notice on Banking Regulations for Anti-Money Laundering
The Malawian government has issued notice 10 of 2020 to strengthen anti-money laundering measures in the country’s financial system. The notice was published in the Malawi Gazette Supplement 7A on May 15, 2020.
Amendments to Financial Crimes Act
According to the notice, the Financial Crimes Act is being amended to:
- Prevent and detect money laundering activities
- Prevent financing of terrorist organizations
The regulations aim to strengthen anti-money laundering measures in Malawi’s financial system.
Key Requirements
The notice includes several key requirements for banks and other financial institutions, including:
- Conducting regular customer due diligence
- Enhanced reporting requirements for suspicious transactions
Effective Date and Compliance Deadline
The notice comes into effect immediately. Banks and financial institutions must comply with the new regulations by [insert deadline]. Failure to comply may result in severe penalties, including fines and even revocation of licenses.
Recent Amendments
The notice has been amended since its initial publication on May 15, 2020. On July 31, 2020, further amendments were made to the Financial Crimes (Money Laundering) (Amendment) Regulations of 2020.
Significance and Availability
The government’s move is seen as a significant step in enhancing Malawi’s anti-money laundering efforts and bringing its financial system in line with international standards. The notice is available for download on the government’s website.
Details
- Date: May 15, 2020
- Language: English
- Type: Legislation