Regulatory Alerts2025-05-16
Securities and Exchange Commission Directives on Anti-Money Laundering, Countering the Financing of Terrorism or Proliferation, 2017
The Securities and Exchange Commission has issued binding directives under the Financial Intelligence Centre Act to establish comprehensive anti-money laundering, counter-terrorist financing, and counter-proliferation obligations for all licensed reporting entities. Reporting entities must implement internal control programs, designate compliance officers, and submit suspicious transaction reports within three working days or currency transactions exceeding ten thousand United States dollars to the Financial Intelligence Centre. The directives replace the 2009 AML framework, enforce strict confidentiality and tipping-off prohibitions, and impose substantial fines or imprisonment for non-compliance alongside administrative sanctions such as public censure and business restrictions.