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.
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.
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.
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