Regulatory Alerts2019-03-28
Added · Updated
Financial and Corporate Service Providers (Anti-Money Laundering and Countering the Financing of Terrorism) Rules, 2019
These Rules impose anti-money laundering and counter-terrorist financing obligations on licensees under the Financial and Corporate Service Providers Act. Licensees must implement risk rating frameworks, appoint compliance and Money Laundering Reporting Officers, and maintain robust internal controls. The Rules mandate strict customer due diligence, including identity verification for natural persons, corporate clients, and trusts, with specific requirements for beneficial ownership identification at a 10 percent threshold. Enhanced due diligence is required for high-risk clients, politically exposed persons, and specific services such as escrow and online financial services.