Regulatory Alerts2024-04-29
Beneficial Ownership Guideline - April 2024
Issued by AML/CFT supervisors, this guideline updates reporting entities on identifying and verifying beneficial owners under the Anti-Money Laundering and Countering Financing of Terrorism Act 2009 following July 2023 regulatory changes. It mandates that entities determine individuals with ultimate ownership exceeding 25 percent or effective control over legal persons and arrangements, including complex structures involving nominees and trusts. The document requires a risk-based approach to customer due diligence, outlining specific verification steps and enhanced measures for higher-risk customers to mitigate money laundering and terrorism financing threats.
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