Regulatory Alerts2016-09-28
Specified Non-Financial Business and Profession Transactions
The Executive Council has issued this Regulation to establish a comprehensive compliance framework for specified non-financial businesses and professions, mandating customer due diligence, enhanced risk-based measures, and robust record-keeping. It requires designated entities to appoint qualified compliance officers, submit timely suspicious transaction reports, and maintain internal controls aligned with international anti-money laundering standards. The Regulation imposes administrative and criminal penalties for non-compliance, sets a twelve-month transitional alignment period, and takes immediate effect upon publication in the Official Gazette.
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