Regulatory Alerts2023-01-01
Clarification on Identification and Verification of Beneficial Ownership Information for DNFBPs
The Special Control Unit against Money Laundering (SCUML) directs Designated Non-Financial Businesses and Professions (DNFBPs) to identify and verify beneficial ownership information in compliance with the Money Laundering Act 2022. DNFBPs must flag discrepancies between customer-provided data and the Corporate Affairs Commission’s Public Beneficial Ownership Register, utilizing the official CAC search portal to verify persons with significant control. Upon detecting such inconsistencies, DNFBPs are mandated to immediately submit Suspicious Activity Reports to the National Financial Intelligence Unit (NFIU) and ensure full compliance effective immediately.
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