Regulatory Alerts2019-03-27
Added · Updated
Securities Industry (Anti-Money Laundering and Countering the Financing of Terrorism) (Amendment) Rules, 2019
These Rules amend the Securities Industry (Anti-Money Laundering and Countering the Financing of Terrorism) Rules, 2015, to align obligations with the Proceeds of Crime Act, 2018, and the Financial Transactions Reporting Act, 2018. Regulated persons are required to implement self-assessments for vulnerability to breaches of criminal conduct laws, verify customer identities using reliable independent sources, and apply enhanced due diligence for higher-risk categories or customers from jurisdictions listed by the IRF Steering Committee. The amendments also mandate enhanced ongoing monitoring of politically exposed persons and update compliance officer appointment and risk management definitions to reference identified risks rather than solely money laundering or terrorist financing.