Regulatory Alerts2024-12-30
Added · Updated
Management of Anti-Money Laundering and Countering Financing of Terrorism Risks
The Supervisor of Banks mandates that banking corporations implement a comprehensive risk-based framework to manage anti-money laundering and countering financing of terrorism risks. The directive requires boards and senior management to establish robust corporate governance, including approved AML/CFT policies, dedicated officer roles, and regular risk assessments. It further prescribes specific mitigation measures such as enhanced due diligence for high-risk customers, strict controls on correspondent accounts and virtual currencies, and independent internal audit oversight.
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