Regulatory Alerts2015-01-01
Financial Institutions (Anti-Money Laundering and Combating of Financing of Terrorism) Regulations, 2015
Issued by the Commissioner of Financial Institutions under Lesotho's Financial Institutions Act 2012, these regulations establish comprehensive safeguards against money laundering and terrorist financing for all licensed banks. Licensed institutions must implement robust internal controls, operational risk management, customer due diligence protocols, and dedicated compliance officers while maintaining accurate records for at least ten years. The Commissioner is empowered to conduct unannounced on-site examinations and impose penalties or revoke licenses for non-compliance, ensuring continuous oversight of banking sector integrity.
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