Regulatory Alerts2024-01-01
Adoption of the Politically Exposed Persons Reporting Template by Designated Non-Financial Businesses and Professions
The Economic and Financial Crimes Commission’s Special Control Unit Against Money Laundering (SCUML) mandates all Designated Non-Financial Businesses and Professions to immediately adopt a standardized Politically Exposed Persons (PEP) reporting template. This directive requires DNFBPs to file monthly reports detailing transactions conducted for or on behalf of PEPs, utilizing the newly issued template and accompanying explanatory notes. Organizations with no qualifying transactions must submit a "NIL REPORT" by entering zeros in all required fields, ensuring full compliance with the 2022 Anti-Money Laundering Regulations.
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