Regulatory Alerts2022-05-17
Designated Business Group Formation Guideline
AML/CFT supervisors issued this guideline to assist reporting entities in forming Designated Business Groups under the Anti-Money Laundering and Countering Financing of Terrorism Act 2009. It details eligibility criteria for members, the mandatory written election process, and the requirement to notify supervisors of formation, changes, or withdrawals within 30 days. The document outlines that elections take effect after a 30-day review period and mandates that withdrawing entities ensure their individual AML/CFT programmes remain adequate and compliant with privacy principles.
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