Regulatory Alerts2025-09-28
Customer Due Diligence: Clubs and Societies Guideline
Issued by AML/CFT supervisors in September 2025, this guideline mandates that reporting entities conduct customer due diligence on clubs and societies under the Anti-Money Laundering and Countering Financing of Terrorism Act 2009. It requires the identification and verification of beneficial owners, including officers and members with effective control, alongside specific data collection on legal status and ownership structures. Enhanced due diligence is compulsory for higher-risk entities, such as those with offshore links or complex transactions, necessitating the verification of source of funds and wealth.
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