Regulatory Alerts2025-01-21
Directive to Establish an AML/CFT Compliance Function
The Non-Bank Financial Institutions Regulatory Authority (NBFIRA) has issued a revised directive mandating non-bank financial institutions to establish a dedicated Anti-Money Laundering and Counter-Financing of Terrorism (AML/CFT) compliance function. The updated framework aligns operations with the Financial Intelligence Act, specifies mandatory training subjects for compliance officers, and reduces the frequency of required independent compliance reviews. Regulated entities must fully adhere to these provisions and applicable financial services laws to effectively detect and prevent the commission of financial crimes.
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