AML Standards/Combating Financing of Terrorism CFT Standards - Money Changing Activities

AML/CFT compliance required for money changing activities; authorised persons must implement FATF action-plan and note statutory penalties

Authorised persons engaged in money changing activities are directed to consider and implement the FATF action plan set out in the enclosed Statement, to notify their constituents, and to have their Principal Officer acknowledge receipt. Compliance with AML/CFT controls, including recordkeeping, client identification and reporting obligations, is mandated under the relevant foreign exchange and anti-money laundering statutes and rules; failure to comply will attract statutory penalties.