What are the key requirements of the AML Legislation
What are the key requirements of the AML Legislation? The Anti Money Laundering legislation Monitor and report suspected money laundering activity and reports must be filed on all cash transactions exceeding USD10,000.
Other key requirements are Identification and verification of customer identities, Lodging International Funds Transfer Instruction (IFTI) Reports, Threshold Transaction Reports (TTRs),Suspicious Matter Reports (SMRs), Establish and maintain internal reporting procedures; and Record-keeping requirements of up to 7yrs.
Reporting entities have various regulatory obligations under the AML Act.
These include:
- Monitor and report suspected money laundering activity;
- File reports on all cash transactions exceeding USD10,000;
- Identification and verification of customer identities;
- Lodging International Funds Transfer Instruction (IFTI) Reports, Threshold Transaction Reports (TTRs),Suspicious Matter Reports (SMRs);
- Establish and maintain internal reporting procedures; and
- Record-keeping requirements of up to 7yrs.
The Act also requires the Minister to pass regulations that require Reporting entities fulfil various regulatory obligations. These include:
- implementing an AML compliance program;
- train employees in recognition and handling of suspicious activities;
- to provide for an independent audit of its monitoring procedures;
- Establish and maintain internal reporting procedures to make employees aware of domestic laws relating to money laundering and the procedures and related policies established by them pursuant to the AML Act.
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