Regulatory Alerts2017-09-11
Added · Updated
Proposed Amendments to Regulations on Supervision of Corporate Governance of Financial Companies
The Financial Services Commission proposes amendments to the Regulations on Supervision of Corporate Governance of Financial Companies requiring financial firms to incorporate key anti-money laundering and combating the financing of terrorism provisions into their internal controls standards. Financial firms must institute an internal controls system to identify and manage money-laundering risks by severity, establish an independent internal audit office for monitoring AML/CFT performance, and implement prevention measures and ongoing training for officers and employees performing AML/CFT duties. The public comment period for these proposed rule changes ends on October 25, 2017.
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