Banks must apply risk based KYC/AML/CFT controls, report CTRs/STRs, preserve records and screen for sanctions.
Banks must maintain a board approved KYC/AML/CFT programme applying a risk based approach: adopt Customer Acceptance Policy, Customer Identification Procedures, ongoing transaction monitoring and record preservation; apply enhanced due diligence for higher risk customers (including PEPs, trusts, non face to face and non resident clients); file timely CTRs, STRs and CCRs to FIU IND; appoint a Principal Officer for monitoring and liaison; ensure wire transfers carry full originator information; screen and freeze accounts per UAPA/UN designated lists and preserve records for ten years.