Financial Crime World

Saint Helena Toughens Up on Anti-Money Laundering Regulations

Saint Helena has taken a significant step in strengthening its anti-money laundering (AML) regulations by introducing a new handbook that outlines the requirements for businesses operating in the country to comply with AML regulations.

What’s New?

The new handbook, which comes into effect immediately, provides a comprehensive framework for companies to identify and mitigate money laundering and terrorist financing risks. It emphasizes the importance of corporate governance, customer due diligence, and third-party reliance to safeguard against financial crime.

Key Requirements

Here are some key requirements outlined in the handbook:

  • Risk-Based Approach: Companies must have a clear understanding of the risk-based approach to AML, which involves assessing the level of risk associated with each customer or transaction.
  • Corporate Governance: Companies must designate key personnel responsible for compliance and risk management. These individuals will be required to undergo training on AML regulations and employee screening.
  • Customer Due Diligence (CDD): Companies must identify and verify the identity of natural persons and legal entities. Enhanced CDD measures are necessary for politically exposed persons (PEPs) or those with connections to financial transactions.
  • Third-Party Reliance: Companies must ensure that third-party providers, such as accountants and lawyers, comply with AML regulations.
  • Monitoring Transactions and Activity: Companies must monitor transactions and activity regularly to detect suspicious behavior.

Benefits

The new regulations aim to ensure that Saint Helena’s financial sector is equipped to combat money laundering and terrorist financing, while also protecting the country’s reputation as a responsible and transparent jurisdiction. The implementation of these guidelines marks an important step in Saint Helena’s efforts to maintain its position as a respected international financial center.

Key Takeaways

  • A new anti-money laundering handbook has been introduced in Saint Helena
  • Companies operating in the financial services sector must comply with AML regulations
  • Risk-based approach is essential for identifying and mitigating money laundering and terrorist financing risks
  • Corporate governance, customer due diligence, and third-party reliance are crucial to safeguard against money laundering and involvement in crime.