Regulatory Alerts2025-01-21
Directive 1 – Establishing an AML/CFT Compliance Function
The Non-Bank Financial Institutions Regulatory Authority mandates supervised non-bank financial entities to establish an effective, independent AML/CFT compliance function headed by a designated Anti-Money Laundering Compliance Officer (AMLCO). The directive requires the function to implement robust risk management systems, conduct regular internal and external audits every two and three years respectively, and ensure staff receive targeted training on financial crime prevention. It further stipulates that the AMLCO must hold a senior management position, demonstrate high independence and fit-and-proper status, and submit to regulatory approval before assuming office, with non-compliance subject to enforcement action.
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