Regulatory Alerts2018-12-14 | 24052Added · Updated
Financial Obligations (Amendment) Regulations 2018
These Regulations amend the Financial Obligations Regulations, 2010, by updating the definition of Supervisory Authority to include the Central Bank and removing references to the National Insurance Board and Unit Trust Corporation. They introduce provisions allowing financial institutions within a group to designate a single Compliance Officer for multiple entities, subject to supervisory approval, and establish rules for appointing alternate Compliance Officers when duties cannot be performed for over thirty working days. The amendments also mandate that financial institutions and listed businesses document and maintain up-to-date risk assessments aligned with national risk assessments, requiring enhanced or simplified due diligence based on identified risk levels. Additionally, the Regulations expand trust verification requirements to include beneficiaries and persons exercising ultimate effective control, and impose specific obligations on intermediary financial institutions and money or value transfer service providers regarding cross-border wire transfer information and suspicious activity reporting.