NEW REGULATIONS FOR MONEY OR VALUE TRANSFER SERVICES (MVTS) OPERATORS

Money or value transfer services operators are being reminded to update their Anti-Money Laundering and Countering Financing of Terrorism (AML/CFT) programmes to reflect new regulations.

Key Changes

• MVTS operators must comply with wire transfer requirements
• Customers are considered originators or beneficiaries, not agents or sub-agents
• Reporting entities (REs) must specify procedures for using agents in AML/CFT programmes
• Prescribed transaction reports (PTRs) must be submitted with relevant information regarding physical cash deposits
• REs’ risk assessments must account for new technologies and products
• Records must be retained for at least 5 years after the end of a business relationship

What This Means for You

If you are an MVTS operator, it is crucial to update your AML/CFT programme to reflect these changes. Similarly, REs should review their risk assessments and AML/CFT programmes to ensure compliance with the new regulations.

MVTS operators must also note that physical cash deposits into bank accounts for beneficiaries of international wire transfers require PTRs with relevant information.

Action Required

• MVTS operators: Update your AML/CFT programme to reflect changes
• REs: Review risk assessments and AML/CFT programmes to ensure compliance
• MVTS operators: Submit PTRs with relevant information regarding physical cash deposits

By staying up-to-date with these new regulations, you can ensure compliance and maintain a safe and secure financial environment.