Regulatory Alerts2025-09-28
Designated Business Group Scope Guideline
AML/CFT supervisors issued this guideline to assist reporting entities in determining whether to form a designated business group under the Anti-Money Laundering and Countering Financing of Terrorism Act 2009. It details how eligible entities may share specific compliance obligations, such as customer due diligence, risk assessments, and reporting, while maintaining individual liability for all regulatory requirements. The document further outlines mandatory non-delegable duties, including the appointment of a compliance officer, and establishes privacy protocols for sharing personal information among group members.
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