Regulatory Alerts2022-05-17
Added · Updated
Enhanced Customer Due Diligence Guideline
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, record-keeping, and the consequences of failing to complete enhanced due diligence.