Regulatory Alerts2024-04-29
Enhanced Customer Due Diligence Guideline - April 2024
Issued by AML/CFT supervisors under the Anti-Money Laundering and Countering Financing of Terrorism Act 2009, this guideline mandates enhanced customer due diligence for high-risk customers and specific transaction types. It requires reporting entities to verify customer identity, beneficial ownership, and the source of wealth or funds using risk-proportionate measures. The document outlines procedures for identifying material changes, handling incomplete due diligence, and terminating relationships when compliance cannot be achieved.
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