Regulatory AlertsPrudential Guideline No. 19: AML Requirements for Risk Assessment of New Products, New Business Practices and Technologies
The Central Bank of Solomon Islands issued Prudential Guideline No. 19 to mandate that licensed financial institutions conduct risk assessments for money laundering, terrorist financing, and proliferation financing risks associated with new products, business practices, and technologies. Financial institutions are required to perform these assessments prior to launch and implement effective internal controls to prevent or mitigate identified risks. Non-compliance with these requirements may result in supervisory sanctions, cease and desist orders, or management changes under relevant financial and anti-money laundering legislation.
Share