Regulatory Alerts2023-12-15
AML/CFT/CPF Guidelines for Central Bank-Regulated Institutions
The Central Bank of Belize issued these December 2023 guidelines to establish minimum anti-money laundering, counter-terrorist financing, and counter-proliferation financing standards for all regulated financial institutions. The document mandates a risk-based approach requiring institutions to conduct institutional and customer risk assessments while implementing robust Know Your Customer procedures and enhanced due diligence for high-risk entities. It further prescribes strict obligations for ongoing monitoring, reporting of suspicious transactions, compliance with targeted financial sanctions, and maintaining comprehensive records and training programs.
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