These Guidelines have been updated to incorporate the amendments to the Anti-Money Laundering (AML) and Counter Financing of Terrorism (CFT) legislation, the passage of the United Nations Security Council Resolutions Implementation Act, and the revised Financial Action Task Force (FATF) Forty (40) Recommendations and Guidance. The Financial Services Commission (FSC) as the Competent Authority has the responsibility for ensuring that its licensees and registrants are compliant with respect to their AML/CFT and counter proliferation financing (CPF) requirements under prescribed legislation.
Consequently, these Guidelines provide financial institutions that are regulated by the FSC with new measures to be implemented. These measures include the requirement to adopt a ,risk based approach to their respective AML/CFT framework; develop risk profiles for all customers with corresponding Know Your Customer (KYC) and Customer Due Diligence (COD) requirements; incorporate the cash transaction limit requirements of the Proceeds of Crime Act, 2007 (POCA); a heightened focus on Politically Exposed Persons (PEPs); and highlight the increasing usage and normalization of virtual assets and its associated risks.
This document replaces the FSC’s Guidelines for Anti-Money Laundering & Counter-Financing ofTerrorism issued on February 11, 2015.