Regulatory Alerts2004-01-01
Banks Act Circular 4/2004: General Guidance Notes on Anti-Money Laundering
The Registrar of Banks issued Circular 4/2004 to enforce the Financial Intelligence Centre Act by requiring banks to implement risk-based client identification and verification procedures. Banks must submit completed risk matrices and verification statistics by 15 May 2004 to demonstrate compliance with Section 21 regarding existing clients. The circular further directs institutions to petition the Minister of Finance for exemptions if they cannot fully verify existing client identities by the 30 June 2004 deadline.
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