Regulatory Alerts2019-03-17
Added · Updated
AML/CFT Risk Mitigation Survey for Money Exchange Companies
The document mandates money exchange companies to complete the AML/CFT Risk Mitigation Survey in accordance with Article 17/A of Money Exchange Law No. 44 of 2015 and Article 7 of the Instructions on Combating Money Laundering and Terrorist Financing. Companies must fill out Column B to describe their anti-money laundering policies and Column C to provide a self-assessment of their compliance with relevant laws and internal systems. All questions must be answered, with 'Not Applicable' entered for items unrelated to the company's activities.
General Information
Name of the Money Exchange Company ----------------------------------------------------------------------------------------- Date of Survey Completion --------------------------------------------------------------------------------------- Name of Legal Advisor / Company Attorney --------------------------------------------------------------------- Name of Company Compliance Officer ----------------------------------------------------------------------------- Report Date: (Day/Month/Year)---------------------------------------------------------------------
In accordance with the provisions of Article (17/A) of the Money Exchange Law No. (44) of 2015 and Article (7) of the Instructions on Combating Money Laundering and Terrorist Financing for Money Exchange Companies, we kindly request you to complete the attached survey in accordance with the proper procedures.
Guiding Notes for Completing the AML/CFT Risk Mitigation Survey
The survey is designed to collect information on a periodic basis to help assess the quality of existing internal control systems for the purpose of combating money laundering and terrorist financing. It is one of several inputs in a comprehensive system for assessing money laundering and terrorist financing risks.
Money exchange companies are required to complete columns (B) and (C): Column (B) provides the money exchange company with a scope to describe its available anti-money laundering and counter-terrorist financing policies and procedures regarding a specific matter (or, where appropriate, to provide a plan for progress or improvement). Column (C) provides a self-assessment by the money exchange company submitting the survey regarding compliance with relevant money laundering and terrorist financing laws, its systems, and/or internal instructions, where appropriate.
When completing the survey, the money exchange company should not leave any questions unanswered. For any questions that do not relate to its activities, the phrase "Not Applicable" should be entered.