Committee Members Must Constitute Quorum for Meetings

The National Committee has introduced new regulations aimed at ensuring effective decision-making by regulating its own procedure for conducting meetings.

Ensuring Effective Decision-Making

The committee members must constitute a quorum at any meeting, allowing them to make informed decisions and take collective action. This is part of a broader effort to promote transparency and accountability within the organization.

Preventing Money-Laundering and Terrorist Financing

The new regulations also outline specific procedures for reporting persons to verify customer identities, establish business relationships, and maintain records of transactions. These measures are designed to prevent money-laundering and terrorist financing, while ensuring that financial institutions can operate safely and efficiently.

Reporting Person Responsibilities

• Take reasonable measures to satisfy themselves as to the true identity of any applicant seeking to enter into a business relationship or carry out a transaction.
  • Obtain official records, such as birth certificates or passports.
  • Conduct enhanced monitoring of transactions involving politically exposed persons.

Record-Keeping Requirements

The regulations also require reporting persons to maintain accurate and up-to-date records of customer information, including:

• Source of wealth
• Source of funds

These records must be kept for at least five years, allowing regulators to conduct thorough investigations if necessary.

Commitment to Transparency, Accountability, and Financial Stability

By regulating its own procedure for meetings and implementing strict requirements for customer identification and record-keeping, the National Committee is demonstrating its commitment to transparency, accountability, and financial stability.