Regulatory Alerts2024-02-08
Added · Updated
Effective Execution of Risk-based Approach for Customer Due Diligence
The regulator issued this circular on 08 February 2024 to mandate the effective execution of a risk-based approach for customer due diligence. The guidance applies to all authorized institutions and requires them to implement robust Anti-Money Laundering and Counter-Financing of Terrorism controls. This directive aligns with related measures on private banking and de-risking to ensure balanced and effective financial crime prevention.