Regulatory Alerts2025-06-30
Added · Updated
Notice SFA 03AA-N01 to the Depository on Prevention of Money Laundering and Countering the Financing of Terrorism
This Notice imposes anti-money laundering and countering the financing of terrorism obligations on the Depository, taking effect on 1 July 2025. It requires the Depository to implement a risk-based approach, including identifying and mitigating money laundering and terrorism financing risks associated with customers, jurisdictions, and products. The Depository must perform customer due diligence measures such as verifying identities, identifying beneficial owners, and conducting ongoing monitoring, while prohibiting the opening of anonymous or fictitious accounts. Specific exemptions from beneficial owner inquiries are provided for listed entities and supervised financial institutions, subject to documentation requirements.