Regulatory Alerts2019-12-11
EAC Council Directive on Anti-Money Laundering in the Securities Market
The Council of Ministers of the East African Community has issued this directive to harmonize anti-money laundering and counter-terrorist financing standards across Partner States' securities markets. It mandates market intermediaries to implement risk-based customer due diligence, verify beneficial owners and politically exposed persons, and maintain comprehensive records for at least ten years. Furthermore, the directive requires robust internal controls, enhanced monitoring of complex transactions and shell banks, and strict reporting mechanisms to safeguard market integrity.
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