Regulatory Alerts2022-10-25
Enhanced Customer Due Diligence Guideline 2022
Issued by AML/CFT supervisors under the Anti-Money Laundering and Countering Financing of Terrorism Act 2009, this guideline mandates enhanced customer due diligence for high-risk customers and specific transaction types. It requires reporting entities to verify customer identity, beneficial ownership, and source of wealth or funds using risk-proportionate measures. The document outlines procedures for ongoing monitoring, material changes, delayed verification, and record-keeping to mitigate money laundering and terrorism financing risks.
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