Anti-Money Laundering (AML) standards/Combating the Financing of Terrorism (CFT) Standards - Cross Border Inward Remittance under Money Transfer Service Scheme.
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Cross-border inward remittances: agents must apply enhanced AML/CFT scrutiny for transactions involving listed high-risk jurisdictions. Authorised Persons under the Money Transfer Service Scheme must consider FATF-identified AML/CFT deficiencies and apply enhanced customer due diligence and risk mitigation when dealing with persons or financial institutions from listed jurisdictions, with special attention and counter-measures advised for Iran and DPRK; legitimate trade may continue but non-compliance with statutory AML and foreign exchange obligations attracts penal consequences.
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
Cross-border inward remittances: agents must apply enhanced AML/CFT scrutiny for transactions involving listed high-risk jurisdictions.
Authorised Persons under the Money Transfer Service Scheme must consider FATF-identified AML/CFT deficiencies and apply enhanced customer due diligence and risk mitigation when dealing with persons or financial institutions from listed jurisdictions, with special attention and counter-measures advised for Iran and DPRK; legitimate trade may continue but non-compliance with statutory AML and foreign exchange obligations attracts penal consequences.
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