Regulatory Alerts2018-10-09
Financial Intelligence and Anti-Money Laundering (Amendment) Regulations 2018
The Minister issued these regulations to amend the Financial Intelligence and Anti-Money Laundering Regulations 2018 by updating key definitions for customers, beneficial owners, and competent authorities. The amendments modify identity verification procedures by permitting reporting persons to complete customer verification after establishing a business relationship, provided they implement appropriate risk management protocols. Additionally, the regulations clarify third-party reliance within financial groups and extend competent authority oversight to supervisory bodies, with the amendments deemed effective from 1 October 2018.
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