The Anti-Money Laundering Act (CAP. 423 R.E 2019)

Liability of Persons in Positions of Authority

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Section 14

This section outlines the liability of individuals in positions of authority for offenses committed by others under their supervision.

• A director, manager, controller, partner, or person concerned in the management of a body corporate or association may be convicted for an offense even if the company or organization is not convicted.
• Any person who would have committed an offense if they had acted personally can still be held liable as if their agent or officer had done so.

Customer Identity Verification and Due Diligence Measures

Section 15

Reporting persons, such as banks and financial institutions, must take reasonable measures to verify the identity of customers and implement due diligence procedures.

• A reporting person must take reasonable measures to satisfy themselves about the true identity of any applicant seeking to enter into a business relationship.
• For politically exposed persons (PEPs), additional risk management systems, senior management approval, source of wealth and funds investigation, and enhanced ongoing monitoring are required.

Customer Records and Reporting Requirements

Section 17

This section deals with customer records and reporting requirements for persons, such as banks and financial institutions. However, it appears to be incomplete due to a cut-off sentence. Based on the context, it is likely that this section outlines the necessary procedures for maintaining accurate customer records and adhering to reporting requirements.

Note: Section 16 was not provided in the original text and may not exist or was omitted intentionally.