Single Women and Men Exempt from Money Laundering Regulations in Certain Transactions
March 2012
In a move to simplify financial transactions, the government has announced that single women and men will no longer be required to undergo strict identification procedures for certain financial transactions.
New Regulations
Under the new regulations, which came into effect on January 1, 2012, single individuals who are not married or in a civil union are exempt from providing detailed identification information for transactions valued at $250 or less. This exemption also applies to single men and women who are widowed or divorced.
Simplifying Financial Transactions
The exemption is intended to reduce the administrative burden on financial institutions and simplify the process of conducting routine financial transactions.
Record-Keeping Requirements
In addition, the regulations require all financial institutions to maintain accurate records of wire transfers and electronic funds transfers. This includes:
- Correct name
- Address
- Account number (if applicable)
- Any other relevant reference numbers
- Instructions given for the transfer
Combating Money Laundering and Terrorist Financing
The new regulations are part of a broader effort to combat money laundering and terrorist financing. Under the Proceeds of Crime (Money Laundering Prevention) Regulations 2007, financial institutions are required to implement strict identification procedures to prevent illegal activities.
Key Points
- Single women and men exempt from identification procedures for transactions valued at $250 or less
- Exemption applies to widowed or divorced individuals as well
- Financial institutions required to maintain accurate records of wire transfers and electronic funds transfers
- Identification procedures aimed at preventing money laundering and terrorist financing
Contact
For more information, please contact the Ministry of Finance at (555) 123-4567.