Regulatory Alerts2012-03-26 | CD-SIBOIF-721-1-MAR26-2012Added · Updated
Norm Reforming Articles 8, 10, 11, 12, 13, 14, 15, 16, 21, 26 and 28 of the Standard for the Management of Prevention of Money Laundering, Goods or Assets; and Terrorism Financing Risks
Resolution CD-SIBOIF-721-1-MAR26-2012 amends Articles 8, 10, 11, 12, 13, 14, and 15 of the Anti-Money Laundering and Counter-Terrorist Financing (AML/CFT) Standard to impose stricter due diligence requirements on supervised entities. The reforms prohibit anonymous accounts and require enhanced verification of client identity, source of funds, and business purpose, particularly for high-risk clients. Supervised entities must implement differentiated due diligence measures based on risk matrices, maintain updated client files, and apply intensified due diligence to clients classified as high risk or those exhibiting atypical transactional behavior.