Customer identification and AML compliance for authorized money changers, including MLRO appointment and suspicious-transaction reporting obligations. Authorized money changers must adopt board-approved anti-money laundering policies implementing Know Your Customer procedures, suspicious-transaction recognition and reporting, appointment of a Money Laundering Reporting Officer with reporting obligations to the Financial Intelligence Unit, staff training, transaction audit, and preservation of specified records for a minimum period; these measures apply to AMCs and their franchisees and non-compliance attracts penalties under the foreign exchange statute.
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.
Customer identification and AML compliance for authorized money changers, including MLRO appointment and suspicious-transaction reporting obligations.
Authorized money changers must adopt board-approved anti-money laundering policies implementing Know Your Customer procedures, suspicious-transaction recognition and reporting, appointment of a Money Laundering Reporting Officer with reporting obligations to the Financial Intelligence Unit, staff training, transaction audit, and preservation of specified records for a minimum period; these measures apply to AMCs and their franchisees and non-compliance attracts penalties under the foreign exchange statute.
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