Regulatory Alerts2020-07-30
Financial Intelligence Act (Commencement Date) Order and Financial Intelligence Regulations, 2019
The Minister of Finance and Economic Development, alongside the Minister of Defence, Justice and Security, issued commencement orders effective 4 September 2019 and promulgated the Financial Intelligence Regulations, 2019. These regulations mandate specified parties and accountable institutions to conduct risk-based customer due diligence, verify customer identities using independent documentation, and maintain up-to-date records. Furthermore, the framework requires institutions to report cash and suspicious transactions, implement comprehensive compliance programmes, and adhere to specific obligations for wire transfers and life insurance beneficiaries.
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