Montserrat’s AML Regulations: Key Requirements for Businesses

As a business operating in Montserrat, it is crucial to understand and comply with the island nation’s Anti-Money Laundering (AML) regulations. Failure to do so can result in severe penalties and damage to your reputation.

Key Requirements for Compliance

According to recent guidance from Shufti Pro, a leading provider of AML solutions, businesses must ensure they have robust measures in place to prevent money laundering and terrorist financing. Here are the key requirements:

Identity Verification

• Verify customers’ identities through multiple instances as per Montserrat’s regulations.
• Onboard new customers, transactions above monetary thresholds, and situations where higher risks are posed.

Timing of Verification

• Identity verification is not a one-time process but rather an ongoing requirement.
• Deploy identity verification procedures as per your requirements and conveyance to Shufti Pro.

Politically Exposed Persons (PEPs) and Enhanced Due Diligence Measures

• Determine if customers are PEPs or exhibit higher risk profiles under Montserrat’s Enhanced Due Diligence regulations.
• Use AML Screening services from Shufti Pro to screen an individual’s ID attributes against global watchlists and databases.

Reliance on External Services

• May seek the services of third-party providers to apply measures of due diligence.
• Remain liable for maintaining all compliance and fulfilling AML and KYC obligations.

Record Retention

• Retain data for not less than five years as part of your AML and KYC obligations for due diligence.
• If processed by a third-party provider, collect necessary information without undue delay.

Conclusion

Montserrat’s AML regulations require businesses to have robust measures in place to prevent money laundering and terrorist financing. Failure to comply can result in severe penalties. By understanding these key requirements, businesses can ensure they are compliant with the law and protect their reputation.