Cocos (Keeling) Islands Adopts Stricter Anti-Money Laundering Regulations
The government of Cocos (Keeling) Islands has introduced a set of revised regulations aimed at combating money laundering and terrorist financing. The Anti-Money Laundering (Amendment) (No. 3) Regulations, 2020, came into effect on November 10th, 2020.
Background
The revised regulations are an amendment to the Proceeds of Crime Law (2020 Revision), which was made in exercise of powers conferred by section 145 of the law. The Anti-Money Laundering Steering Group, the Monetary Authority, and the Financial Reporting Authority all recommended the changes.
Key Changes
- Financial institutions and other organizations will be required to gather more comprehensive information on payers when transferring funds.
- This includes details such as:
- Payer’s name
- Account number or unique identifier
- Address
- Government-issued identification document
- Customer identification number
- Date and place of birth
- This includes details such as:
Objective
The move aims to improve transparency and enhance the islands’ ability to track and prevent illicit financial transactions. The revised regulations are seen as a key step in maintaining the jurisdiction’s reputation for regulatory robustness and integrity.
Publication and Effectiveness
The Anti-Money Laundering (Amendment) (No. 3) Regulations, 2020, were published in Supplement No. 8 of the Legislation Gazette on November 12th, 2020. The regulations are now in effect, and all relevant parties are expected to comply with the new requirements.
By adopting these stricter anti-money laundering regulations, Cocos (Keeling) Islands demonstrates its commitment to maintaining a robust regulatory environment and ensuring the integrity of its financial system.