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Afghanistan Introduces Stricter Rules for Financial Transactions
Kabul, Afghanistan - In a bid to combat money laundering and terrorist financing, the Afghan government has introduced new regulations requiring greater transparency in financial transactions.
New Regulations
The new rules, which came into effect on [insert date], require all financial institutions and designated non-financial businesses and professions (DNFBPs) to implement stricter measures for wire transfers of funds via financial institutions.
Key Requirements
- All domestic transfers or international transfers of money above a certain threshold must be made through an authorized financial institution or an authorized money transmission service.
- The institution or service must obtain and verify the full name, account number, and address of the originator of the transfer, as well as include this information in the message or payment form accompanying the transfer.
- Financial institutions must maintain all such information and transmit it with each transfer when acting as intermediaries in a chain of payments. If an institution receives a wire transfer that does not contain complete originator information, it must take measures to obtain and verify the missing information from the ordering institution or beneficiary.
Exemptions
The new regulations exempt certain types of electronic funds transfers, such as those made using credit or debit cards, as well as settlements between financial institutions where the originator and beneficiary are acting on their own behalf.
Designated Non-Financial Businesses and Professions
The new regulations also define DNFBPs as any natural or legal person or entity that conducts certain activities or operations for or on behalf of a customer. This includes:
- Lawyers
- Real estate agents
- Trust and company service providers
- Other entities that provide services such as acting as a formation agent of legal persons, providing registered office or business address, or performing similar functions.
These DNFBPs are required to implement measures to prevent money laundering and terrorist financing, including keeping accurate records of their transactions and reporting any suspicious activity to the financial intelligence unit.
Increased Transparency
The new regulations aim to increase transparency in financial transactions and reduce the risk of money laundering and terrorist financing. By requiring financial institutions and DNFBPs to maintain accurate records and report suspicious activity, the government hopes to disrupt the flow of funds to illegal activities and protect the integrity of the financial system.
In a statement, Da Afghanistan Bank said:
“The new regulations are an important step forward in our efforts to combat money laundering and terrorist financing. We are committed to working with all stakeholders to ensure that these regulations are implemented effectively and that the financial system is protected from illegal activity.”