Regulatory Alerts2020-01-01
Decision No. 62 of 2020 on Anti-Money Laundering and Counter-Terrorist Financing Controls for Consumer Financing Companies
The Financial Regulatory Authority issued Decision No. 62 of 2020 to establish mandatory anti-money laundering and counter-terrorist financing controls for companies operating in the consumer financing sector. The regulation mandates comprehensive compliance frameworks, including enhanced customer due diligence, continuous transaction monitoring, and standardized internal reporting procedures. These requirements aim to mitigate financial crime risks while ensuring consistent regulatory oversight across all consumer financing entities.
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