Regulatory Alerts2022-05-17
Designated Business Group - Scope Guideline
This guideline issued by AML/CFT supervisors assists reporting entities in determining which Anti-Money Laundering and Countering Financing of Terrorism Act obligations may be shared within a Designated Business Group. It details specific areas where reliance on other members is permitted, including customer due diligence, risk assessments, and suspicious transaction reporting, while clarifying that ultimate liability for compliance remains with each individual entity. The document further outlines mandatory requirements such as maintaining a compliance officer, adhering to privacy principles, and ensuring that shared programs adequately address the specific risks of each member business.
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