Regulatory Alerts2019-03-27
Added · Updated
Provisions on Organization, Procedures and Internal Controls to Prevent the Use of Intermediaries for Money Laundering and Terrorist Financing
The document establishes mandatory organizational, procedural, and internal control frameworks for a broad range of financial intermediaries, including banks, SIMs, SGRs, payment institutions, and trust companies, to prevent money laundering and terrorist financing. It mandates a risk-based approach requiring entities to adopt specific governance structures, including a dedicated anti-money laundering function, a responsible officer for suspicious transaction reporting, and internal audit oversight. The rules further detail the operational requirements for risk assessment methodologies, group-level coordination, specific activities such as money transfers, and the designation of central contact points.
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