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of <h1>2023 Amendment Updates Money-laundering Rules: New Management Involvement, Lower Thresholds, Expanded 'Control' Definition, Trustee Disclosure Mandate.</h1> The Prevention of Money-laundering (Maintenance of Records) Second Amendment Rules, 2023, effective from September 4, 2023, introduces changes to the existing 2005 rules. It mandates that officers at the management level be involved in certain processes. The amendment reduces the threshold from fifteen to ten for certain criteria, expands the definition of 'control' to include management or policy decision rights, and requires trustees to disclose their status when establishing account-based relationships. Additionally, it requires the inclusion of analysis results in correspondence as per rules 3 and 9.
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