Regulatory Alerts2010-09-03
Guidance Note on the Counter Terrorism Act 2010
The Financial Services Commission, the Commissioner of Banking, and the Commissioner of Insurance jointly issued this guidance to assist financial sector entities in complying with the Counter Terrorism Act 2010. The Act empowers the Minister to issue Directions requiring enhanced customer due diligence, ongoing monitoring, systematic reporting, or the cessation of business relationships with designated persons linked to terrorist financing or weapons of mass destruction. Regulated firms must maintain robust compliance systems capable of rapidly responding to these Directions and providing information to Enforcement Officers without the need for warrants.
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