The FIAU has published the final version of the revised Implementing Procedures Part I.
The FIAU has published the final version of the revised Implementing Procedures Part I, intended to provide guidance to subject persons in complying with their AML/CFT obligations (the “Guidance”). These updates reflect the legislative amendments which took place between December 2017 and January 2018 to the Prevention of Money Laundering Act (“PMLA”) and the Prevention of Money Laundering and Funding of Terrorism Regulations (“PMLFTR”). The revised Implementing Procedures Part I provide all subject persons, within the various sectors of the economy, a more in-depth guidance so as to better fulfil their AML/CFT obligations.
We set out below the key changes to the Implementing Procedures taking effect through this revision:
*Denotes matters largely already considered in the consultation document dated 30 October 2018.
**Denotes matters considered in the final version of the updated Guidance dated 19 July 2019.
We would also like to highlight that the current sector-specific guidelines for banks have been repealed and that the FIAU will be drafting new guidance for this sector.
KPMG’s Risk Consulting AML/CFT professionals are fully committed to assist you with the overall implementation and understanding of these new updates. With our broad ranging services we aim to provide you with leading edge AML/CFT advice and assistance to assist you in your different requirements.
You can also find more information within our AML and CFT Brochure.
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