Anti money laundering standards: authorised money changers must apply international risk guidance and ensure agent compliance. Authorised persons in money changing activities are directed to consider the FATF public statement listing jurisdictions with strategic AML/CFT deficiencies and to apply enhanced, risk based vigilance to transactions and relationships with those jurisdictions. The guidance extends mutatis mutandis to agents and franchisees, making franchisers responsible for their compliance, requires acknowledgement by the Principal Officer, and is issued under domestic foreign exchange and anti money laundering statutory powers while not precluding legitimate transactions.
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.
Anti money laundering standards: authorised money changers must apply international risk guidance and ensure agent compliance.
Authorised persons in money changing activities are directed to consider the FATF public statement listing jurisdictions with strategic AML/CFT deficiencies and to apply enhanced, risk based vigilance to transactions and relationships with those jurisdictions. The guidance extends mutatis mutandis to agents and franchisees, making franchisers responsible for their compliance, requires acknowledgement by the Principal Officer, and is issued under domestic foreign exchange and anti money laundering statutory powers while not precluding legitimate transactions.
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