9. Rules on Actions to Combat Money Laundering and Terrorist Financing
|
|
- Owen Booker
- 7 years ago
- Views:
Transcription
1 9. Rules on Actions to Combat Money Laundering and Terrorist Financing 9.1. Objective These AML rules have been adopted in accordance with FATF s 40 Recommendations and 9 Special Recommendations and Act No. 64/2006, on Measures to Prevent Money Laundering and Terrorist Financing, with later amendments, and based on Directive 2005/60/EC of the European Parliament and of the Council. The objective of these rules is to seek to prevent the use of the operations and activities of the Bank, or those of its subsidiaries, for the purpose of money laundering or terrorist financing. In adopting these rules, the Bank seeks to fulfil in all respects the strictest requirements made domestically and internationally of the Bank with regard to money laundering and terrorist financing General Scope These rules set out the Anti-Money Laundering requirements of the Bank and apply to all employees of the Bank including the Board of Directors and senior management Risk assessment These rules can be applied based on risk assessment so that the scope of information gathering and other measures, as implemented towards individual customers, reflects the risk they present of money laundering and terrorist financing. In the event of exercising such permission special rules on the conduct of the risk assessment shall be established, which shall be approved by the Financial Supervisory Authority in Iceland Definitions For the purposes of these rules the following definitions shall apply: Money laundering: Money laundering is defined as in paragraph 1 of Article 3 of Act No. 64/2006, on Actions to Combat Money Laundering and Terrorist Financing, and the second paragraph of Article 1 of Directive 2005/60/EC as follows: "The conversion or transfer of property knowing that such property is derived from a criminal activity or from an act of participation in such activity, which is punishable under the Criminal Code or other legislative acts, for the purpose of concealing or disguising the illicit origin of the property or of assisting any person who is involved in the commission of such activity to evade the legal consequences of his/her action; the concealment or disguise of the true nature, source, location, disposition, movement, rights with respect to, or ownership of property, knowing that such property is derived from a criminal activity or from an act of participation in such punishable activity; the acquisition, possession or use of property, knowing, at the time of receipt, that such property was derived from criminal activity or from an act of participation in such activity;
2 participation in, association to commit, attempts to commit and aiding, abetting, facilitating and counselling the commission of any of the punishable actions previously mentioned." Terrorist financing: For the purpose of these rules, terrorist financing is defined as in paragraph 4 of Article 1 of Directive 2005/60/EC and paragraph 2 of Article 3 of Act No. 64/2006, on Actions to Combat Money Laundering and Terrorist Financing. In these acts the concept is defined as follows: "The provision or collection of funds with the intention that they be used, or the knowledge that they are to be used, to carry out an offence punishable under Article 100a of the Criminal Code." Gain: For the purpose of these rules, gain is defined as in paragraph 3 of Article 3 of Act No. 64/2006, on Measures to Prevent Money Laundering and Terrorist Financing, where the concept is defined as follows: "Any type of profit and asset, of any and every sort, including documents intended to ensure the holder access to assets or other rights to which a monetary value can be assigned." Beneficial owner: For the purpose of these rules, beneficial owner is defined as in paragraph 4 of Article 3 of Act No. 64/2006, on Measures to Prevent Money Laundering and Terrorist Financing, where the concept is defined as follows: "The natural person (or persons) who ultimately owns or controls a legal entity through direct or indirect ownership of a holding of more than 25% in the legal entity, controls over 25% of its voting rights or is deemed by other means to exercise control over a legal entity. The provision shall not apply, however, to legal entities registered on a regulated market as defined by the Act No. 110/2007 on Activities of Stock Exchanges; a person (or persons) who are the future beneficiaries of 25% or more of the property of a trust fund or similar legal arrangement, or who control over 25% or more of its property. Where the individuals that benefit from such a trust have yet to be determined, the beneficial owner shall be the person or persons in whose main interest the fund was established or operates. " Shell bank: A credit institution or an institution engaged in equivalent activities, incorporated in a jurisdiction in which it has no physical presence, is subject to no actual management or supervision, and is unaffiliated with a regulated financial group, cf. Point 10 of Article 3 of Directive 2005/60/EC. Politically exposed persons: Natural persons who are or have been entrusted with prominent public functions and their immediate family members, or persons known to be close associates, of such persons, cf. subparagraph a) of Article 12 of Act No. 64/2006, on Actions to Combat Money Laundering and Terrorist Financing. Prominent public functions in this connection shall mean senior public administrators and high-ranking military personnel; judges and public prosecutors; influential politicians; and senior management of public corporations Measures to ensure customer due diligence (CDD) Scope The measures specified in chapter 9.3 shall be applied each time: a) a business relationship is established with a new customer;
3 b) when carrying out occasional transactions equivalent to EUR 15,000 or more, whether the transaction is carried out in a single operation or in several operations which appear to be linked; c) when carrying out foreign currency transactions equivalent to EUR 1,000 or more, whether the transaction is carried out in a single operation or in several operations which appear to be linked; d) when there is a suspicion of money laundering or terrorist financing, regardless of any derogation, exemption or threshold provided for in these rules; e) when there are doubts as to the veracity and/or reliability of previously obtained customer identification data. Measures, according to chapter 9.3 shall also apply for all previous customers, who have not formerly verified their identity. A customer may not commence business transactions until his/her identity has been verified using the methods and taking into consideration the criteria laid down in chapter 9.3. Furthermore, the Bank must, after establishing a business relationship, conduct ongoing monitoring of customer transactions for the purpose of ensuring that such business relationships are not used for money laundering or terrorist financing Anonymous accounts The Bank may not establish or keep anonymous accounts or portfolios on behalf of customers whose identity has not been verified as provided for in chapter 9.3. If such accounts already exist, the Bank shall make every effort to contact their owners, if known, and instruct them to register as owners of the said accounts. Should the owners of such accounts fail to comply with such instructions, the business relationship shall be terminated and the option of sending a report to the Money Laundering Reporting Officer (MLRO) of their conduct, as provided for in chapter 9.6.2, considered Transactions on a customer s behalf The Bank is always authorised to hold accounts on behalf of a customer, if the Bank has taken suitable measures to verify the customer s identity, as provided for in chapter 9.3. Should it prove impossible to verify the ownership of such accounts in the above manner, enhanced due diligence, as provided for below, shall be applied. Chapter of these rules shall in no way limit the right of the Bank to conclude forward contracts with known customers, to hold equities for known customers in a nominee account in the company s name or to conduct other dealings as a normal part of its activities Transactions with shell banks The Bank may not enter into or continue a business relationship with a shell bank or with any other financial institution which is known to permit its accounts to be used for transactions by a shell bank Customer due diligence, etc. The following information must be obtained in order to verify a customer s identity: Icelandic Citizens Customers must verify their identity by presenting valid personal identification. The customer s a) name, b) Id. No. and c) legal domicile must be recorded, together with information on the customer s residence if this differs from the legal domicile. A passport, driver s licence or personal identification card shall constitute valid personal identification. The personal identification may not have expired.
4 To remove any doubt, payment cards, whether or not they have a photograph of the cardholder, are not valid personal identification for the above purpose either for individuals or legal entities, resident or non-resident in Iceland. Copies shall be taken of the personal identification presented Foreign Nationals In the case of non-residents, the customer s a) name, b) Id. No. and c) legal domicile must be recorded, together with his/her residence. The above information must be verified by presenting a valid passport issued by the authorities in the countries where the customer is a citizen. If the document does not contain information on the customer's residence, a copy of a utility bill for the address which the customer states as his residence must be obtained. Such a utility bill must demonstrate a link between the customer and the address given as residence. Non-resident individuals intending to rent a safety deposit box, or open an account for deposit or a custody account, must have obtained an Id. No. from Statistics Iceland. A prospective customer should preferably provide a bank reference from a bank in his/her home state Domestic legal entities 1) Information on the legal entity Legal entities shall be required to provide information on their a) name (registered company name), b) Id. No., c) legal domicile and d) activities. The legal entity shall also confirm which persons are authorised to oblige the legal entity. A certificate must be obtained from the appropriate public registry, e.g. Registrar of Limited Companies or other companies registry. An assessment shall be made in each instance as to whether to request a copy of the company's Articles of Association, audited annual financial statements, information on major owners/shareholders, or information on its Board of Directors. If the information is available from the website of the credit information provider Lánstraust ehf., this shall as a rule be considered sufficient. Information on who is the beneficial owner shall be obtained. In special cases, the possibility of requesting additional confirmation from a competent authority shall be considered. 2) Information on authorised signatories: a) Persons authorised to sign for legal entities and others that have the authority to represent the legal entity, including CEO and board members, must verify their identity by presenting personal identification as provided for in chapters or above. b) The persons authorised to sign for a legal entity must provide proof of such authorisation. A certified copy of the rules which apply concerning a legal entity s signing authorisation shall be required. Specimen signatures of authorised signatories must be obtained. c) The same rules shall apply to authorised signatories as to others intending to represent a legal entity (e.g. by virtue of a power of attorney or list of authorised signatures) in business transactions with the Bank Foreign legal entities 1) Information on the legal entity Legal entities shall be required to provide information on their a) name (registered company name), b) Id. No., c) legal domicile and d) activities. The legal entity shall also confirm which persons are authorised to oblige the legal entity.
5 A certificate must be obtained from a Registrar of Companies in the state concerned attesting to the registration of the legal entity (e.g. Certificate of Incorporation). The certificate must be as current as possible and never more than three months old. If the legal form of the entity is such that the aforementioned documentation does not exist, similar documentation may be considered sufficient. The legal entity must provide information as to what public authority can attest the submitted documents. Furthermore, information must be obtained, such as the identity of the legal entity's managers (Board of Directors, CEOs and managing directors). Furthermore a copy of its articles of association must be obtained. Information on the beneficial owner, pursuant to chapter 9.3.6, shall be obtained. Additional documentation on the legal entity in question shall be obtained if deemed necessary. Furthermore, the requirement should be set that the initial payment be made in the name of the legal entity from an account which it has established in an operating credit or a financial institution. Such additional information could include annual financial statements, a list of names and signatures of persons authorised to oblige the legal entity, it's Articles of Association, a confirmation from its bank of business or other documentation deemed advisable to request. A prospective customer should preferably provide a bank reference from a bank in his/her home state. 2) Information on authorised signatories a) Persons authorised to sign for legal entities and others that have the authority to represent the legal entity, including CEOs and board members must verify their identity by presenting a valid passport as provided for in chapters or above. b) The persons authorised to sign for a legal entity must provide proof of such authorisation. A certified copy of the rules which apply concerning a legal entity s signing authorisation shall be required. Specimen signatures of authorised signatories must be obtained. c) The same rules shall apply to authorised signatories as to others intending to represent a legal entity (e.g. by virtue of a power of attorney or list of authorised signatures) in business transactions with the Bank Online account opening It shall be ensured that all the requirements set out in these rules are fulfilled when a customer opens an account or makes other business transactions through the internet. Special attention should be paid to the provisions of the rules on enhanced due diligence in chapter (f) when establishing a business relationship when the client is not present in person. The MLRO and risk management are responsible for the establishment of special rules of procedure on online account opening which satisfy the provisions of these rules and reflect technology and methods available at any given time. The MLRO has the authorisation to assess what measures shall be implemented in order to fulfil the requirements of these rules when a business relationship is established through the internet. When making these assessments the MLRO shall always seek the opinion of the CEO Further information which must always be obtained a) Information as to whether transactions are carried out on behalf of a third party A party seeking to establish a business relationship shall always be required to state whether its proposed transactions with the Bank will be carried out on behalf of a third party (the beneficial owner, see definition in chapter 9.2.3), whether this is a natural person or legal entity. If this is the case, or there is suspicion that this is the case, the customer shall be
6 required to provide information as to whom this party is; in such a situation the provisions of chapter 9.3 shall apply concerning the information to be obtained concerning that party. b) Information on the nature and purpose of the proposed business relationship A party seeking to establish a business relationship shall, as a rule, be asked what the purpose of such a relationship is, as well as the nature of the transactions for which the Bank is to serve as an intermediary. Furthermore, a party seeking to establish a business relationship shall be asked to state the origin of the financial assets which will be handled by the Bank in the proposed transactions. This information shall be used as a basis for subsequently assessing whether or not a customer s transactions are normal and proper. c) Is the customer a politically exposed person? An individual or authorised representative of a legal entity domiciled abroad, seeking to establish a business relationship shall always be asked whether he/she is a politically exposed person; furthermore the employees of the Bank involved must check the databases or information providers available to them in order to investigate whether this is the case. Should the investigation reveal that the party is a politically exposed person; the instructions laid down in chapter shall be followed Collection of information postponed temporarily As a rule, a customer s identity shall be verified in accordance with the provisions of chapter 9.3 prior to establishing a contractual relationship. In exceptional cases, however, and after obtaining the authorisation of the MLRO, this may be postponed until after establishing a contractual relationship, in instances where there is deemed to be little risk of money laundering or terrorist financing, in order not to interfere with the normal course of transactions. In such instances, the customer must verify his/her identity as soon as practicable. A bank account may be opened for a customer before the customer s identity is verified provided that measures are taken to ensure that no transactions are carried out until his/her identity has been verified in accordance with these rules Simplified customer due diligence The provisions of chapter to above shall not apply to the following parties: - Credit or financial institutions licensed as such in the European Economic Area and subject to the rules of the 3rd EU Money Laundering Directive, apart from the fact that the provisions of chapter shall always be applied to such a party. The same applies to such institutions licensed outside of the EEA provided that they are subject to requirements to combat money laundering equivalent to or more stringent than stipulated in Act no. 64/2006 on Actions to Combat Money Laundering and Terrorist Financing. Legal entities registered on a regulated market as defined by the Act no. 110/2007 on Activities of Stock Exchanges. - Icelandic government authorities. Documentation must be obtained to prove that this exemption should apply. Information on the institution's name, ID number and address shall at all times be obtained and stored. When it is confirmed that the first payment into a new account is transferred from a bank account in the customer's name into another licensed financial institution within the EEA the Bank may also conduct simplified customer due diligence when there is no suspicion of money laundering or other illegal activities. Documentation shall be obtained to prove that this exemption should apply Third party information The Bank is not required to conduct customer due diligence pursuant to provisions of chapters to if corresponding due diligence data is revealed through the agency of a financial institution which has been granted an operating licence in Iceland or in the
7 European Economic Area. The same applies to information revealed through the agency of regulated credit or financial institutions from countries outside the European Economic Area which are subject to similar requirements as those stipulated in Act no 64/2006. The final responsibility, as regards to customer due diligence, rests with the recipient of the information. A third party providing information pursuant to this chapter shall, at the request of the recipient of the information, promptly make the information available or forward a copy of the appropriate personal data and other appropriate documents proving the identity of the customer or beneficial owner Actions in cases where a customer s identification cannot be confirmed If it is not possible to confirm the identification of a party requesting a transaction, as provided for in chapter 9.3, due to the fact that the party cannot or will not provide the information requested, the employee handling the transaction must report this as provided for in chapter Under such circumstances the Bank may not open an account nor carry out the transaction requested, while taking care to ensure that the customer s request is neither refused nor that the customer is made aware by other means that his/her behaviour is being investigated due to suspicions of money laundering or terrorist financing. If a contractual relationship has already been established, it must be ended immediately Special circumstances requiring enhanced customer due diligence Carrying out transactions requiring enhanced customer due diligence Enhanced customer due diligence shall be applied: a) when carrying out a transaction, or a series of connected transactions, amounting to over EUR 15,000 or the equivalent in another currency; b) when carrying out transactions involving bearer certificates (bonds, bills or shares not registered in a specific name) or cash; c) in the case of transfers. In such instances information should be obtained and stored on the remitter, his/her address, particulars of the amount and currency of the transfer and the accounts used in the transfer. Care shall also be taken to ensure that this information accompanies the transfer and related communications all along the chain of payment, to the extent that the Bank is to handle its execution. The Bank must adopt special operating procedures implementing precautionary measures when transferring assets: d) if there is suspicion that the proposed transaction is related to money laundering or terrorist financing; e) if the Bank doubts the veracity or adequacy of previously obtained customer identification data or information on the proposed transaction; f) when a transaction is requested without the physical presence of the customer (e.g. online banking services, telephone banking services, electronic transfers, etc.). If the Bank deems it necessary, the customer must provide a copy of valid personal identification certified by a notary public or similar officially approved party in the country in question, such as an attorney; the certified document itself shall be delivered to the Bank. Furthermore, the measures listed below shall be applied as appropriate g) when the transactions requested are large scale, i.e. involving very large amounts, or are unusually complex; h) in correspondent banking relationships. In this case the enhanced due diligence discussed in chapter must be applied: i) when the party requesting a transaction is a politically exposed person. In this case the enhanced due diligence discussed in chapter must be applied;
8 j) when the party requesting a transaction is resident in or has activities in a state which is known not to apply or to apply insufficiently international guidelines and rules on measures to prevent money laundering and terrorist financing; Obtaining such information may, for example, involve searching international databases or using the computer systems of the Bank for this purpose. k) when the party requesting a transaction, including a financial institution, is known not to comply with international guidelines and rules on measures to prevent money laundering and terrorist financing; Obtaining such information may, for example, involve searching international databases or using the computer systems of the Bank for this purpose. l) in the case of products or transactions where anonymity is encouraged or the transactions requested are anonymous. Enhanced customer due diligence in the above context includes demanding additional documents to verify a customer s identity, taking specific actions to verify the authenticity of documents, requiring that the first payment be made in the name of the legal entity and through an account opened at an approved credit institution, requiring a customer to conclude a written contract with a financial institution for the service or any other measure deemed appropriate. In such instances as are referred to in subparagraphs j) and k) above, all of the above precautionary measures shall be applied as appropriate and employees must report without delay all unusual aspects concerning transactions by such parties. Furthermore, the employees of the Bank shall point out to customers the risks related to money laundering and terrorist financing should they become aware of customers doing business with the parties referred to in subparagraphs j) and k) above. The Bank shall endeavour to reduce their business relationships with the parties referred to in subparagraphs j) and k) above Measures where politically exposed persons are involved Should a non-resident seeking to establish a business relationship prove to be a politically exposed person (see subparagraph i) of chapter ) an employee of the Bank may not establish a business relationship with such a party until the MLRO has given approval for the transaction. The following conditions must also be met: a) Appropriate possible measures must be taken to verify the origin of funds used in the business relationship. b) Conduct regular monitoring of the business relationship. If the status of the client changes after the business relationship has commenced so that he is considered a politically exposed person, it is necessary to obtain permission from the MLRO officer before the business relationship is continued Measures concerning correspondent banking When establishing correspondent banking relationships, or similar business connections, with foreign financial institutions outside the European Economic Area, the Bank must obtain the following information concerning the foreign institution in addition to the information required under chapter 9.3: a) Information on the nature of its operations and activities; b) information on the institution's reputation, as well as on the qualifications of its management, for instance, as to whether the company has been the object of an investigation concerning money laundering, terrorist financing or other investigation by a public authority; c) whether and to what extent the institution has anti-money laundering and antiterrorist financing controls; d) information as to what measures the institution has taken to verify the identity of parties with direct access to the institution's payable-through accounts, i.e.
9 accounts owned by the financial institution which are used directly by third parties to carry out transactions on own account. If such access is provided to third parties, relevant customer due diligence, as provided for in chapter 9.3, shall be applied concerning such parties. Employees of the Bank may not carry out transactions of the type described in this chapter until the MLRO has given approval for the transaction. Such approval shall not be given until satisfactory information on the above matters is available and it has been ascertained that the measures taken by the counterparty to prevent money laundering satisfy the requirements generally made of the Bank. If these measures are deemed unsatisfactory, the transactions shall be refused. Once such approval has been obtained, but before commencing a transaction, the obligations of each of the contracting parties under the contractual relationship concerning measures to prevent money laundering and terrorist financing must be established in writing Measures concerning US parties investing in US securities US parties investing in US securities must, in addition to providing identification in accordance with the above, fill out the documents required by US authorities. These shall include the W-9 form and the specific mandate requested by US authorities Ongoing monitoring during the contractual relationship While a customer maintains a contractual relationship with the Bank, his/her transactions shall be subject to regular monitoring for the purpose of examining whether such transactions are in accordance with the information provided on the customer and his/her activities when the business relationship was established. Care shall be taken to ensure that the information held on customers is always accurate and up to date. The customer s identity must be verified once more, as provided for in the rules laid down in chapter 9.3 under the following circumstances: a) where the customer requests that a transaction be carried out which is considered unusual or very substantial in comparison with the customer's business history; b) when major changes occur to the information available on the customer; c) when major changes occur as to how the customer s accounts are used or to the customer s business history in other respects; d) if the Bank becomes aware that documentation on the customer is insufficient; e) if the Bank becomes aware that the customer is regarded as a politically exposed person, cf. chapter ; Under such circumstances all transactions with the customer must be suspended until the MLRO has agreed that transactions with the customer may commence once more. In this regard, the provisions of chapter shall be followed as applicable. Furthermore, the Bank must, during its contractual relationship with the customer, pay special attention to any complex or unusually large transactions by the customer, as well as any unusual transaction patterns, which have no obvious financial or legitimate purpose. In all instances, the circumstances, background and purpose of such transactions should be investigated specifically, to the extent practicable, and the results of such an investigation summarised in a written report which must be preserved for five years, together with the documentation concerning the transaction, if the Bank sees no cause for action following the investigation. If the Bank does see reason to take action following such an investigation, it shall follow the provisions of chapter Preservation of information The Bank shall: 1) Preserve copies of personal identification and official documents, together with other particulars on the customer, for at least five years from the time occasional
10 transactions or a permanent business relationship concludes. The data shall be in a form accessible to the authorities if requested. 2) Care shall be taken to have sufficient data to enable the authorities to gain an understanding of how individual transactions were carried out. It should be borne in mind that the date could conceivably be required as evidence in a criminal prosecution. Therefore the preserved data shall include at least: a) information on the names of customers and their addresses, as well as the names of the customer s employees involved in the transaction in the case of a legal entity; b) information on the nature of the transaction; c) information on the amounts of the transactions and the currencies concerned; d) information on what accounts were used for the transactions Obligation to report suspicious behaviour of a customer and measures in this connection Suspension of transactions If the Bank suspects or if it has legitimate reason to expect that assets which a customer is intending to transmit through the Bank are the proceeds of illegal actions or are connected with terrorist financing, cf. chapter 9.2, it must ensure that: The transaction requested is not carried out, except in situations where the transaction is of such nature that it may not be postponed, the Bank is required to carry out the transaction or the suspension of a transaction could impede or encumber investigation by the authorities. If such is the case, however, the utmost care shall be taken to ensure that all information on the transaction is preserved and reported to the authorities as provided for in this chapter without delay. Care shall be taken not to refuse or by other means alert the customer wishing to carry out the transaction, cf. chapter Reporting to the MLRO All suspicious transactions as provided for in chapter 9.6.1, attempts to conclude such transactions or suspicious behaviour by customers, cf. chapter , shall be reported to the MLRO of the Bank without delay. The MLRO shall immediately, in consultation with the Bank s legal counsel, assess whether there are grounds to report the suspicious transaction or attempt to conclude a transaction to the National Commissioner of Police or other competent authority. The MLRO shall be responsible for having all the circumstances of such transactions carefully examined and the results of this examination reported to the authorities, concurrent to the report of the transaction. On the other hand, if no grounds are seen to make such a report, the outcome of the investigation by the MLRO shall be preserved as provided for in chapter Reporting to competent authorities If the MLRO is of the opinion, following a thorough investigation of the circumstances of the transaction or suspicious behaviour by as customer, that there are justified suspicions or reasonable grounds to suspect the transaction is connected to a violation of the type described in chapter 9.2.3, he shall immediately report this to the National Commissioner of Police or another competent authority. Such a report must at least: 1) be made in writing; 2) contain a detailed description of the customer s suspicious behaviour;
11 3) include copies of all the documentation and information connected with the MLRO s assessment as to whether the transaction is connected with money laundering or terrorist financing; 4) state the time limit which the Bank has to carry out the transaction; 5) contain any other data which may be necessary. A report to this effect shall generally be delivered before the suspicious transaction is carried out; failing this, in those instances referred to in subparagraph a) of chapter 9.6.1, immediately upon the conclusion of the transaction. It is reiterated that the Bank is responsible for sending the National Commissioner of Police or other competent authority a report in accordance with the above, even if the transaction has not been carried out and/or no entry has been made, or where only an attempted transaction was involved. Once such a report has been sent, a decision on carrying out the customer's transaction shall be taken in consultation with the National Commissioner of Police or the competent authority which handles the report. Care shall always be taken to ensure that the National Commissioner of Police or the competent authority which receives the report provides confirmation of receipt Confidentiality Management, employees and others working on behalf of the Bank must ensure that neither the customer nor other unauthorised party receives knowledge that a report as referred to in chapter has been sent to the National Commissioner of Police or another competent authority. Furthermore, the same parties may not inform a customer or indicate to the customer by any means that his/her transaction is the object of an investigation following a report from another party, should they become aware of such an investigation Responsibilities of the Bank towards its employees in connection with obligations pursuant to chapter 9.6 The Bank must ensure that information as to what employee reported a customer s suspicious transaction is kept secret and the employee s name shall not be disclosed, for instance, in reports to the National Commissioner of Police or another competent authority unless there is urgent reason for so doing. In such case, the Bank must also take necessary measures to protect those employees involved in the report on the customer s transaction against threats or hostile actions by customers following such reports. The Bank s MLRO shall ensure that these rules are followed Supervision of the enforcement of the Bank's money laundering policy The Bank must ensure that the substance of these rules always accords with currently valid rules and administrative provisions to prevent money laundering and terrorist financing. The Bank must always ensure that the procedures and working rules in their individual divisions reflect the substance of these rules to ensure that the guidelines and principles laid down here are implemented in all respects Obligations in connection with technological developments The Bank must, as appropriate: 1) inter alia in co-operation with the authorities in those states where the Bank or its subsidiaries operate, endeavour to discern what the impact of new technologies and business practices may be on customers possibilities of laundering money or financing terrorist activities;
12 2) take suitable measures to prevent such technologies or business practices from being used in transactions with the Bank or its subsidiaries for the purpose of money laundering or terrorist financing; 3) follow a specific policy and practices to respond to risk factors connected with non-face-to-face transactions Money laundering reporting officer (MLRO) etc. Ultimate authority in the Bank's defences against money laundering and terrorist financing lies with its Board of Directors, while the implementation of the Board s policy and the enforcement of both the policy and relevant legal provisions rests with the MLRO and the risk management department. The MLRO shall have direct access to the Board and senior management of the Bank concerning the tasks within the scope of these rules. The Bank's deputy Compliance Officer shall act as a deputy of the MLRO Employee training The MLRO shall ensure that all employees of the Bank are informed of these rules and the obligations they must fulfil pursuant to the rules, and that they are offered satisfactory training in the actions to prevent money laundering and terrorist financing currently followed by the Bank. Furthermore, it must be ensured that such knowledge and training is maintained and reflects the technologies and methods known to be currently used in money laundering. The managing directors of the Bank s individual divisions shall ensure that its employees attend the information meetings and courses on preventing money laundering and terrorist financing offered with the above intention. In training employees, regard shall be had for the following: Frontline employees in direct contact with customers Special training shall be arranged for employees in the front line twice each year. These courses shall cover the Acts and rules on measures to prevent money laundering and terrorist financing, what documentation need to be obtained when establishing a business relationship, ongoing monitoring of customers transactions, where reports of suspicion of money laundering should be sent, how relations with customers shall be conducted in the event of such reports and what the obligations of employees are under these rules and money laundering legislation. These employees shall receive special training to assist them in verifying what transactions could be connected with money laundering Other employees Other employees of the Bank shall attend a course once a year where the Bank s rules in this regard are reviewed, together with current legislation on preventing money laundering and terrorist financing New employees Upon commencing employment, a new employee shall be provided with the Bank s rules on measures against money laundering and terrorist financing. Every effort shall be made to have new employees attend the first information session on money laundering held after the commencement of their employment Supervision of the efficacy of measures to prevent money laundering and terrorist financing The internal audit department, in co-operation with the MLRO, shall see to it that regular tests are made by an independent outside party of the efficacy of the Bank s measures to prevent money laundering and terrorist financing. These measures shall be under constant review in the light of the outcome of such tests. For the avoidance of doubt, the MLRO shall also be subject to observation by the internal audit department.
13 Security in hiring employees Hiring procedures must, for instance, include authorisation to investigate an applicant s education and work background, his/her financial position, record of criminal offences and other factors which could affect whether prospective employees are in any situation which increases the risk of their becoming the accomplice of parties engaged laundering money or financing terrorist activities Penalties These AML rules are applicable to all employees of the Bank. Any violation of the rules may result in a caution and/or dismissal. The MLRO shall report any violation to the CEO or the Board of Directors, as necessary.
NOTICE TO BANKS MONETARY AUTHORITY OF SINGAPORE ACT, CAP. 186 PREVENTION OF MONEY LAUNDERING AND COUNTERING THE FINANCING OF TERRORISM - BANKS
MAS 626 2 July 2007 Last revised on 1 July 2014 (Refer to endnotes for history of amendments) NOTICE TO BANKS MONETARY AUTHORITY OF SINGAPORE ACT, CAP. 186 PREVENTION OF MONEY LAUNDERING AND COUNTERING
More informationPREVENTION OF MONEY LAUNDERING AND COUNTERING THE FINANCING OF TERRORISM - BANKS
MAS Notice 626 24 April 2015 Last revised on 30 November 2015 (Refer to endnotes for history of amendments) NOTICE TO BANKS MONETARY AUTHORITY OF SINGAPORE ACT, CAP. 186 PREVENTION OF MONEY LAUNDERING
More information(Unofficial translation by the Financial and Capital Market Commission)
(Unofficial translation by the Financial and Capital Market Commission) Text consolidated with amending laws of 12 December 2008; 01 December 2009; 10 December 2009. If a whole or part of a section has
More information(unofficial English translation)
REGULATION ON PREVENTION OF MONEY LAUNDERING AND FINANCING OF TERRORISM FOR MONEY TRANSFER BUSINESSES AND MONEY CHANGING BUSINESSES (unofficial English translation) REGULATION ON PREVENTION OF MONEY LAUNDERING
More informationGENERAL INSTRUCTIONS FOR OBLIGED ENTITIES REGARDING THE PREVENTION OF MONEY LAUNDERING AND TERRORIST FINANCING
1 (8) Basic Public Services, Legal Rights and Permits 22.9.2015 Supervision of trades GENERAL INSTRUCTIONS FOR OBLIGED ENTITIES REGARDING THE PREVENTION OF MONEY LAUNDERING AND TERRORIST FINANCING Money
More informationESTONIA MONEY LAUNDERING AND TERRORISM FINANCING PREVENTION ACT
ESTONIA MONEY LAUNDERING AND TERRORISM FINANCING PREVENTION ACT Important Disclaimer This translation has been generously provided by the Estonian Financial Supervision Authority. This does not constitute
More informationRegulations concerning measures to combat money laundering and the financing of terrorism, etc.
Regulations concerning measures to combat money laundering and the financing of terrorism, etc. Translation as of April 2009. This translation is for information purposes only. Legal authenticity remains
More informationAnti-Money Laundering and Counter- Terrorism Financial Policy
Anti-Money Laundering and Counter- Terrorism Financial Policy Version: March 2014 1. INTRODUCTION...3 2. DEFINITIONS...3 3. RISK-BASED APPROACH...3 4. AML COMPLIANCE OFFICER...4 5. SUSPICIOUS TRANSACTION
More informationPolicy on Prevention of Money Laundering and Terrorist Financing ABH Holding S.A.
Policy on Prevention of Money Laundering and Terrorist Financing ABH Holding S.A. 2013 CONTENT 1. GENERAL PROVISIONS... 3 2. THE SCOPE AND APPLICABILITY... 3 3. THE PURPOSE OF THE POLICY... 3 4. OBJECTIVES...
More informationI BASIC PROVISIONS. Subject matter Article 1
LAW ON THE PREVENTION OF MONEY LAUNDERING AND THE FINANCING OF TERRORISM ( Official Gazette of the Republic of Serbia, Nos 20/2009, 72/2009, 91/2010 and 139/2014) I BASIC PROVISIONS Subject matter Article
More informationREGULATION FOR LIFE INSURANCE AND FAMILY TAKAFUL INSURANCE BUSINESSES ON PREVENTION OF MONEY LAUNDERING AND FINANCING OF TERRORISM
REGULATION FOR LIFE INSURANCE AND FAMILY TAKAFUL INSURANCE BUSINESSES ON PREVENTION OF MONEY LAUNDERING AND FINANCING OF TERRORISM (unofficial English translation) REGULATION FOR LIFE INSURANCE AND FAMILY
More informationSUBSIDIARY LEGISLATION 373.01 PREVENTION OF MONEY LAUNDERING AND FUNDING OF TERRORISM REGULATIONS
AND FUNDING OF TERRORISM [S.L.373.01 1 SUBSIDIARY LEGISLATION 373.01 PREVENTION OF MONEY LAUNDERING AND FUNDING OF TERRORISM REGULATIONS 31st July, 2008 LEGAL NOTICE 180 of 2008, as amended by Legal Notices
More informationFinancial Services and Markets - Regulation No 397/2000 on electronic registration of securities in a central securities depository.
This is an English translation. The original Icelandic text, as published in the Law Gazette (Stjórnartíðindi), is the authoritative text. Should there be discrepancy between this translation and the authoritative
More informationBERMUDA PROCEEDS OF CRIME (ANTI-MONEY LAUNDERING AND ANTI-TERRORIST FINANCING) REGULATIONS 2008 BR 77 / 2008
QUO FA T A F U E R N T BERMUDA PROCEEDS OF CRIME (ANTI-MONEY LAUNDERING AND ANTI-TERRORIST BR 77 / 2008 TABLE OF CONTENTS 1 2 3 4 5 6 7 8 8A 8B 8C 9 10 11 12 13 14 14A Citation and commencement Interpretation
More informationGROUP POLICY TO COMBAT MONEY LAUNDERING AND TERRORIST FINANCING. Anti-Money Laundering Policy
PAG. 1 DI 37 GROUP POLICY TO COMBAT MONEY LAUNDERING AND TERRORIST FINANCING Anti-Money Laundering Policy MACROPROCESS PROCESS TITLE DATE OF UPDATE PROTOCOL NO. 6 INTERNAL AND DEVELOPMENT PROCESSES 6.02
More informationFederal Act on Combating Money Laundering and Terrorist Financing in the Financial Sector 1
English is not an official language of the Swiss Confederation. This translation is provided for information purposes only and has no legal force. Federal Act on Combating Money Laundering and Terrorist
More informationINSURANCE COMPANIES CONTROL SERVICE
REPUBLIC OF CYPRUS Orders for Life-Insurance Companies and Life-Insurance Intermediaries in accordance with Article 59(4) of the PREVENTION AND SUPPRESSION OF MONEY LAUNDERING ACTIVITIES LAW OF 2007 (THIRD
More information(Unofficial translation by the Financial and Capital Market Commission)
1 (Unofficial translation by the Financial and Capital Market Commission) Law on Payment Services and Electronic Money (Title of the Law in the wording of the Law of 17 March 2011 that is in effect as
More informationREPUBLIC OF ARMENIA LAW ON COMBATING MONEY LAUNDERING AND TERRORISM FINANCING
REPUBLIC OF ARMENIA LAW ON COMBATING MONEY LAUNDERING AND TERRORISM FINANCING CHAPTER 1 GENERAL PROVISIONS The purpose of this Law shall be protecting the rights, freedoms, and legitimate interests of
More informationSELF-REGULATION RULES OF THE ASSOCIATION ROMANDE DES INTERMÉDIAIRES FINANCIERS (ARIF)
1 SELF-REGULATION RULES OF THE ASSOCIATION ROMANDE DES INTERMÉDIAIRES FINANCIERS (ARIF) A. GENERALITIES Purpose of the Rules 1 The Self-Regulation Rules, enacted by the Association romande des intermédiaires
More informationExecutive Order No. 67 of 25. January 2012 on online casinos 1
Executive Order No. 67 of 25. January 2012 on online casinos 1 The following is hereby laid down pursuant to Sections 36(2), 41(1) and 60 of Act No. 848 of 1 July 2010 on gambling, and Sections 17(2),
More informationPublic Consultation on Member State discretions
4 th EU Anti-Money Laundering Directive and Funds Transfer Regulation Public Consultation on Member State discretions January 2016 Contents The Consultation Process... 1 Key features of Fourth EU Anti-Money
More informationPREVENTION OF MONEY LAUNDERING AND FINANCING OF TERRORISM ACT
Law no. 10/2014 PREVENTION OF MONEY LAUNDERING AND FINANCING OF TERRORISM ACT (unofficial English translation) PREVENTION OF MONEY LAUNDERING AND FINANCING OF TERRORISM ACT CONTENTS PART ONE PRELIMINARY
More informationDEVELOPING AN AML (ANTI-MONEY LAUNDERING) PROGRAM:
DEVELOPING AN AML (ANTI-MONEY LAUNDERING) PROGRAM: Although the Department of the Treasury has not issued specific rules for hedge funds and hedge fund managers, hedge fund managers should adopt and implement
More informationTHE FORTY RECOMMENDATIONS OF THE FINANCIAL ACTION TASK FORCE ON MONEY LAUNDERING
THE FORTY RECOMMENDATIONS OF THE FINANCIAL ACTION TASK FORCE ON MONEY LAUNDERING 1990 A. GENERAL FRAMEWORK OF THE RECOMMENDATIONS 1. Each country should, without further delay, take steps to fully implement
More informationLaw on Investment Management Companies
(Unofficial translation) Published in the newspaper Latvijas Vēstnesis1 No. 342/346 on 30 December 1997, taking effect on 1 July 1998. As amended by: Law of 01.06.2000 (L.V., 20 June, No. 230/232; Ziņotājs,
More informationMinistry of Labour and Social Policy LAW ON VOLUNTARY FULLY FUNDED PENSION INSURANCE (189347.11)
Ministry of Labour and Social Policy LAW ON VOLUNTARY FULLY FUNDED PENSION INSURANCE 1 Table of Contents CHAPTER 1 GENERAL PROVISIONS... 3 CHAPTER 2 VOLUNTARY PENSION FUNDS... 7 CHAPTER 3 PENSION COMPANIES
More informationCROATIAN PARLIAMENT. Based on Article 88 of the Constitution of the Republic of Croatia, I hereby make the
CROATIAN PARLIAMENT 2792 Official Gazette 87/08 Based on Article 88 of the Constitution of the Republic of Croatia, I hereby make the DECISION ON THE PROMULGATION OF THE ANTI MONEY LAUNDERING AND TERRORIST
More informationAnti-Bribery and Corruption Policy
Newcrest strictly prohibits bribery and other unlawful or improper payments made to any individual or entity, as outlined in this Anti-Bribery & Corruption Policy. Newcrest's Anti- Bribery & Corruption
More informationCustomer Due Diligence/ Know Your Customer (CDD/ KYC) Policy
Customer Due Diligence/ Know Your Customer 1. Introduction 1.1 JS Investments Limited (JSIL) has formulated a Customer Due Diligence/ Know Your Customer policy, referred here as CDD/ KYC policy, based
More informationINTERNATIONAL CORRESPONDENT BANKS. Knowing Your Customer (KYC) Anti-Money Laundering Prevention of Terrorist Financing
INTERNATIONAL CORRESPONDENT BANKS Registered Name Commercial name (if applicable) Full address of the registered office of the financial institution (Street, town and country) VAT number BIC code Website:
More informationTHE FINANCIAL OBLIGATIONS REGULATIONS, 2010. Arrangement of Regulations. Regulations PART I PART II PART III
THE FINANCIAL OBLIGATIONS REGULATIONS, 2010 Arrangement of Regulations Regulations PART I 1. Citation 2. Interpretation PRELIMINARY PART II TRAINING OBLIGATIONS AND COMPLIANCE PROGRAMME OF FINANCIAL INSTITUTION
More informationFINANCIAL SERVICES FLASH REPORT
FINANCIAL SERVICES FLASH REPORT The Fourth European Union Anti-Money Laundering Directive July 2015 The Fourth European Union (EU) Anti-Money Laundering Directive (Fourth Directive) was approved by the
More informationNon Financial Anti Money Laundering/Anti Terrorist Financing (AML/CFT) Regulations
Non Financial Anti Money Laundering/Anti Terrorist Financing (AML/CFT) Regulations Contents The contents of this module are divided into the following chapters, sections and schedules: CITATION... 1 ARTICLE
More informationRegulatory procedures manual for anti-money laundering for insurance companies, brokers and agents
Capital Market Authority Sultanate of Oman Po Box: 3359, Pc: 112 Tel 00698 24823100, Fax 00968 24816691 Web: www.cma.gov.om, e-mail: info@cma.co.om 1. Introduction: Money laundering and terrorism financing
More informationANTI-MONEY LAUNDERING POLICY AND GUIDANCE NOTES
ANTI-MONEY LAUNDERING POLICY AND GUIDANCE NOTES MARCH 2016 CONTENTS PAGE Policy SADC Anti-Money Laundering Policy Statement 3 Money Laundering Guidance Notes Background 5 Treasury Management 6 Miscellaneous
More informationAutoridade Bancária e de Pagamentos de Timor-Leste Banking and Payments Authority of Timor-Leste
Autoridade Bancária e de Pagamentos de Timor-Leste Banking and Payments Authority of Timor-Leste PUBLIC INSTRUCTION 02/2004 ON THE PREVENTION OF MONEY LAUNDERING, CUSTOMER IDENTIFICATION AND RECORD-KEEPING
More informationA n n o u n c e m e n t on OTP Bank Plc s rules of customer identification
A n n o u n c e m e n t on OTP Bank Plc s rules of customer identification Customer identification obligation In accordance with Act CXXXVI of 2007 on the prevention and combating of money laundering and
More informationAct on Payment Services
Act on Payment Services No. 120 27 September 2011 Entered into force 1 December 2011. EEA Agreement: Annex IX, Directive 2007/64/EC. Amended by Act No. 17/2013 (entered into force on 1 April 2013; EEA
More informationING DIRECT Customer Identification Procedures for Brokers
ING DIRECT Customer Identification Procedures for Brokers Managing obligations of the Anti-Money Laundering and Counter-Terrorism Financing Act ( AML/CTF Act ) for the purpose of Customer Identification
More informationRequirements set for account holders and representatives of emissions trading accounts
Record no. 954/302/2010 13 February 2015 Requirements set for account holders and representatives of emissions trading accounts These requirements are based on the Commission s Registry Regulation 1. The
More informationSpanish Anti-Money Laundering Requirements. Juan Arsuaga, Managing Director of Lloyd s Iberia
market bulletin Ref: Y4818 Title Purpose Type From Spanish Anti-Money Laundering Requirements To inform Lloyd s Managing Agents of amended local Anti-Money Laundering compliance requirements in relation
More informationApplication for Status as a Registered Bank:
Application for Status as a Registered Bank: Material to be provided to the Reserve Bank Prudential Supervision Department Document Issued: Introduction 2 1. This release identifies the information which
More informationLAW NO: 5549 ON PREVENTION OF LAUNDERING PROCEEDS OF CRIME
LAW NO: 5549 ON PREVENTION OF LAUNDERING PROCEEDS OF CRIME (Adopted on 11/10/2006 and published in the Official Gazette dated 18/10/2006 with the number 26323) CHAPTER ONE Purpose and Definitions Objective
More informationPREVENTION OF MONEY LAUNDERING AND TERRORIST FINANCING ACT. ACT 10/2010 of 28 APRIL. Published in the Official State Gazette: 29 th APRIL 2010
Servicio Ejecutivo de la Comisión de Prevención del Blanqueo de Capitales e Infracciones Monetarias PREVENTION OF MONEY LAUNDERING AND TERRORIST FINANCING ACT ACT 10/2010 of 28 APRIL Published in the Official
More informationStates of Jersey Police & Customs Joint Financial Crimes Unit. Guide to compiling a Suspicious Activity Report (SAR)
States of Jersey Police & Customs Joint Financial Crimes Unit Guide to compiling a Suspicious Activity Report (SAR) 1. Introduction 1.1. This document has been produced to assist compliance and money laundering
More informationPAYMENT SERVICES AND SYSTEMS ACT (ZPlaSS) CHAPTER 1 GENERAL PROVISIONS SUBCHAPTER 1 CONTENT OF THE ACT. Article 1. (scope)
Legal notice All effort has been made to ensure the accuracy of this translation, which is based on the original Slovenian text. All translations of this kind may, nevertheless, be subject to a certain
More informationDIRECTIVE 2 RELATING TO THE VERIFICATION OF THE IDENTITY OF THE CONTRACTING PARTY
1 DIRECTIVE 2 RELATING TO THE VERIFICATION OF THE IDENTITY OF THE CONTRACTING PARTY Principle 1 The financial intermediary shall verify the identity of the contracting party of each of his business relationships
More informationLegal Digest. Money Laundering Offences In Singapore. Naina Parwani. An online repository of various articles published by our lawyers
An online repository of various articles published by our lawyers Money Laundering Offences In Singapore Naina Parwani 1 Rajah & Tann 4 Battery Road #26-01 Bank of China Building Singapore 049908 Tel:
More informationText of the Recommendation and Interpretative Notes
1 of 5 FATF Recommendation 5: Customer due diligence and record-keeping Text of the Recommendation and Interpretative Notes See also: The full text of the 40 Recommendations and interpretative notes Return
More informationANTI-MONEY LAUNDERING POLICY. Introduction
ANTI-MONEY LAUNDERING POLICY Introduction This Policy outlines how the University and its employees will manage money laundering risks and comply with its legal obligations under the Proceeds of Crime
More informationINTERNATIONAL CORRESPONDENT BANKING
INTERNATIONAL CORRESPONDENT BANKING Know your Customer (KYC) Prevention of Money Laundering and the Financing of Terrorism General Information on the Financial Institution Registered Name Commercial name
More informationREGULATION ON THE REGISTTRATION, SUPERVISION AND ACTIVITIES OF NON-BANKING FINANCIAL INSTITUTIONS CHAPTER I GENERAL PROVISIONS
Pursuant to Article 35, paragraph 1, sub-paragraph 1.1 of the Law No. 03/L-209 on the Central Bank of the Republic of Kosovo (Official Gazette of the Republic of Kosovo, no.77/16, August 2010), Article
More informationSUPPLEMENT TO THE GUIDELINE ON PREVENTION OF MONEY LAUNDERING
SUPPLEMENT TO THE GUIDELINE ON PREVENTION OF MONEY LAUNDERING A Guideline issued by the Monetary Authority under section 7(3) of the Banking Ordinance Revised July 2010 CONTENTS Page Section 1 Introduction...
More informationAct on Investment Firms 26.7.1996/579
Please note: This is an unofficial translation. Amendments up to 135/2007 included, May 2007. Act on Investment Firms 26.7.1996/579 CHAPTER 1 General provisions Section 1 Scope of application This Act
More informationSvenska Handelsbanken AB FI Ref. 13-1783 through Chair of Board Service no. 1. Finansinspektionen's decision (to be issued on 19 May 2015 at 08.
18 May 2015 DECISION Svenska Handelsbanken AB FI Ref. 13-1783 through Chair of Board Service no. 1 106 70 STOCKHOLM Remark and administrative fine Finansinspektionen's decision (to be issued on 19 May
More informationCircular on. of Identity for Credit Institutions
Circular on Identification and Verification of Identity for Credit Institutions Table of contents 1. Introduction... 4 2. Purpose of identification obligations... 6 3. Explanation of terms... 6 3.1. Identification...
More informationthe Financing of Terrorism
CONSULTATION PAPER Obligations of Financial Institutions under the Personal Data Protection Act 2012 - P005-2014 June 2014 Amendments to Notices on Prevention of Money Laundering and Countering the Financing
More informationTHE NOTARY AND MONEY LAUNDERING. Paper. Presented to a Meeting. The Faculty of Notaries Public in Ireland. (Friday 12 November 2010) Dr Eamonn G Hall
THE NOTARY AND MONEY LAUNDERING Paper Presented to a Meeting Of The Faculty of Notaries Public in Ireland (Friday 12 November 2010) By Dr Eamonn G Hall Director of Education Faculty of Notaries Public
More informationCORRUPTION. A Reference Guide and Information Note. to support the fight against Corruption. Safeguarding public sector integrity
FINANCIAL ACTION TASK FORCE CORRUPTION A Reference Guide and Information Note on the use of the FATF Recommendations to support the fight against Corruption The Financial Action Task Force (FATF) is the
More informationACCOUNT OPENING FORM. CUSTOMER INFORMATION (Please fill in where applicable) Customer Name Registration N BRN: Registration Date
ACCOUNT OPENING FORM Domestic Company Global Business / International Company / Investment Fund Parastatal Body Club / Association Societe / Partnership FOR OFFICE USE ONLY CIF NO. ACCOUNT NUMBER/S CUSTOMER
More informationOn the prevention of the use of the financial system for the purpose of money laundering and terrorist financing PART II
Guidance Notes On the prevention of the use of the financial system for the purpose of money laundering and terrorist financing PART II SECTORAL GUIDANCE - Life Assurance September 2012 Version 8 1 1 Scope...
More informationACT. on the amendment of the Gambling Law and some other Acts 1
Journal of Laws No. 134, item 779 ACT of 26 May 2011 on the amendment of the Gambling Law and some other Acts 1 Article 1 The following amendments are made to the Gambling Law of 19 November 2009 (Journal
More informationmeans currency other than Jamaican currency and includes foreign currency instruments as defined in the Act.
APPROVAL NO. APPROVAL IS HEREBY GRANTED to xxxxxxxxxx by the Bank of Jamaica acting on behalf of the Minister of Finance and the Public Service pursuant to the provisions of the Bank of Jamaica Act, to
More informationANTI-MONEY LAUNDERING AND COUNTER-TERRORISM FINANCING (AML AND CTF) PROGRAM PART A
PART A 1. AML and CTF Risk Assessment 1.1. This AML & CTF Program sets risk assessment process which is grounded on risk-based approach. 1.2. The main components of the risk assessment process are: 1.2.1.
More informationAnti Money Laundering. Cork. Fergus Bradley November 2011
Anti Money Laundering Cork Fergus Bradley November 2011 Program Objectives Define Money Laundering Understand Corporate & Personal responsibilities i Define some Best Practices Keep up to date with changes
More informationACT. [Long title substituted by s. 27 (1) of Act 33 of 2004.]
FINANCIAL INTELLIGENCE CENTRE ACT 38 OF 2001 [ASSENTED TO 28 NOVEMBER 2001] [DATE OF COMMENCEMENT: 1 FEBRUARY 2002] (Unless otherwise indicated) (English text signed by the President) as amended by Protection
More informationACT. of 15 March 2002
215 ACT of 15 March 2002 on electronic signature and on the amendment and supplementing of certain acts as amended by Act No. 679/2004 Coll., Act No. 25/2006 Coll., Act No. 275/2006 Coll., Act No. 214/2008
More informationClient Update Fourth Anti-Money Laundering Directive Comes Into Force
1 Client Update Fourth Anti-Money Laundering Directive Comes Into Force OVERVIEW LONDON Karolos Seeger kseeger@debevoise.com Matthew Howard Getz mgetz@debevoise.com Alex Parker aparker@debevoise.com Ceri
More informationEthics Pronouncement EP 200
Ethics Pronouncement EP 200 Anti-Money Laundering and Countering the Financing of Terrorism Requirements and Guidelines for Professional Accountants in Singapore This Pronouncement was issued by the Council
More informationTHE SOCIALIST REPUBLIC OF VIETNAM Independence - Freedom - Happiness --------------- No: 23/2014/TT-NHNN Hanoi, 19 August 2014 CIRCULAR
STATE BANK OF VIETNAM ------- THE SOCIALIST REPUBLIC OF VIETNAM Independence - Freedom - Happiness --------------- No: 23/2014/TT-NHNN Hanoi, 19 August 2014 CIRCULAR GUIDING THE OPENING AND USE OF PAYMENT
More informationUNOFFICIAL CONSOLIDATION AND TRANSLATION OF LAWS 128(I) OF 2009 AND 52(I) OF 2010 THE PAYMENT SERVICES LAWS OF 2009 TO 2010
UNOFFICIAL CONSOLIDATION AND TRANSLATION OF LAWS 128(I) OF 2009 AND 52(I) OF 2010 THE PAYMENT SERVICES LAWS OF 2009 TO 2010 This translation and consolidation of laws is not official. It has been prepared
More informationRepublic of Macedonia LAW ON MANDATORY FULLY FUNDED PENSION INSURANCE
Republic of Macedonia LAW ON MANDATORY FULLY FUNDED PENSION INSURANCE Table of Contents CHAPTER 1 GENERAL PROVISIONS... 1 CHAPTER 2 PENSION COMPANIES FOR MANAGING PENSION FUNDS... 5 CHAPTER 3 ESTABLISHMENT
More informationAnti-Money Laundering and Combating The Financing of Terrorism Law No. (106) of 2013
Anti-Money Laundering and Combating The Financing of Terrorism Law No. (106) of 2013 After reviewing the Constitution, Law No. 16 of 1960 Promulgating the Penal Code and laws amending it; Law No. 17 of
More informationInsurance Regulatory Authority GUIDELINES TO THE INSURANCE INDUSTRY ON IMPLEMENTATION OF THE PROCEEDS OF CRIME AND ANTI-MONEY LAUNDERING ACT
Insurance Regulatory Authority GUIDELINES TO THE INSURANCE INDUSTRY ON IMPLEMENTATION OF THE PROCEEDS OF CRIME AND ANTI-MONEY LAUNDERING ACT JUNE 2011 THE INSURANCE ACT (CAP 487) Guidelines To The Insurance
More informationPart One: Interpretation
The translation is intended solely for the convenience of the reader. This translation has no legal status and although every effort has been made to ensure its accuracy, the Bank of Israel does not assume
More informationNATIONAL INSURANCE COMMISSION AND FINANCIAL INTELLIGENCE CENTRE
NATIONAL INSURANCE COMMISSION AND FINANCIAL INTELLIGENCE CENTRE ANTI-MONEY LAUNDERING/ COMBATING FINANCING OF TERRORISM (AML/CFT) GUIDELINES FOR INSURANCE COMPANIES AND INSURANCE INTERMEDIARIES IN GHANA
More informationKnow Your Customer (KYC), Customer Due Diligence (CDD) and Enhanced Due Diligence (EDD)
Know Your Customer (KYC), Customer Due Diligence (CDD) and Enhanced Due Diligence (EDD) Vanessa Read, Acting Head AML Supervision Christiane Chidiac, Manager AML Supervision Agenda Introduction KYC Principles
More informationHONG KONG TRUSTEES ASSOCIATION SAMPLE CLIENT DUE DILIGENCE FORM FOR CORPORATE TRUSTEES
Draft 29.9.2015 HONG KONG TRUSTEES ASSOCIATION SAMPLE CLIENT DUE DILIGENCE FORM FOR CORPORATE TRUSTEES - 406328.5.AP_BUSINESS CONTENTS 1. Background 1 2. Risk Assessment 2 3. Client Identify Verification
More informationMPS GROUP GLOBAL ANTI-MONEY LAUNDERING POLICY
Siena, march 2012 Pag. 1 di 5 MPS GROUP 1 - A p p l i c a t i o n This Global Anti-Money Laundering Policy (Policy) applies to all Banca Monte dei Paschi di Siena subsidiaries and branches (collectively
More informationSAS Invoice Application
SAS Invoice Application We hereby apply for and accept liability for payment of SAS Faktura Company name in full Company Identification No. Address Postal code Postal address Company contact person Telephone
More informationTEMPLATE FOR REFERENCE ONLY
TEMPLATE FOR REFERENCE ONLY According to the Anti-Money Laundering and Counter-Terrorist Financing (Financial Institutions) Ordinance, Chapter 615, Laws of Hong Kong, it is the responsibility of each financial
More informationWolfsberg Statement Anti-Money Laundering Guidance for Mutual Funds and Other Pooled Investment Vehicles
Wolfsberg Statement Anti-Money Laundering Guidance for Mutual Funds and Other Pooled Investment Vehicles Preamble The continuing threat of money laundering is most effectively managed by understanding
More informationAML / CFT Anti-money laundering and countering financing of terrorism
AML / CFT Anti-money laundering and countering financing of terrorism Wire transfers What is a wire transfer? 1. The Anti-Money Laundering and Countering Financing of Terrorism Act 2009 (the Act) contains
More informationFATF 40 Recommendations
Financial Action Task Force Groupe d action financière FATF Standards FATF 40 Recommendations October 2003 (incorporating all subsequent amendments until October 2004) The FATF revised the 40 and the IX
More informationAgreement on the Swiss banks code of conduct with regard to the exercise of due diligence (CDB 16)
06 Agreement on the Swiss banks code of conduct with regard to the exercise of due diligence (CDB 6) August 0 SBVg Vereinbarung über die Standesregeln zur Sorgfaltspflicht der Banken Agreement on the Swiss
More informationANTI-MONEY LANDERING & COUNTER TERRORISM FINANCING POLICY
ANTI-MONEY LANDERING & COUNTER TERRORISM FINANCING POLICY Company: Union Standard International Group Pty Ltd Company trading as: USGFX ACN: 117 658 349 AFSL: 302792 Date Updated: 11 th November 2014 1
More informationChapter 3 Financial Year
[PART 6 FINANCIAL STATEMENTS, ANNUAL RETURN AND AUDIT Chapter 1 Preliminary 269. What this Part contains and use of prefixes - Companies Act and IFRS. 270. Overall limitation on discretions with respect
More informationAct on Undertakings for Collective Investment in Transferable Securities (UCITS), Investment Funds and Professional Investment funds
This is an English translation. The original Icelandic text, as published in the Law Gazette (Stjórnartíðindi), is the authoritative text. Should there be discrepancy between this translation and the authoritative
More informationREGULATION ON ESTABLISHMENT AND WORKING PRINCIPLES OF INSURANCE COMPANIES AND REINSURANCE COMPANIES
REGULATION ON ESTABLISHMENT AND WORKING PRINCIPLES OF INSURANCE COMPANIES AND REINSURANCE COMPANIES Official Gazette of Publication:.08.007 66 Issued By: Prime Ministry (Undersecretariat of Treasury) PART
More informationPolicy of the Banco Popolare Group to prevent the proceeds of criminal activities from being used for money laundering and terrorist financing
Policy of the Banco Popolare Group to prevent the proceeds of criminal activities from being used for money laundering and terrorist financing version August 2012 1 Introduction...3 2 Legislative sources...
More informationConsolidated Insurance Mediation Act 1
Consolidated Insurance Mediation Act 1 Act no. 930 of 18 September 2008 This is an Act to consolidate the Insurance Meditation Act, cf. Consolidated Act no. 401 of 25 April 2007, as amended by section
More informationGOVERNMENT NOTICE SOUTH AFRICAN REVENUE SERVICE. No. 449 5 June 2015 INCOME TAX ACT, 1962
GOVERNMENT NOTICE SOUTH AFRICAN REVENUE SERVICE No. 449 5 June 2015 INCOME TAX ACT, 1962 AGREEMENT BETWEEN THE GOVERNMENT OF THE REPUBLIC OF SOUTH AFRICA AND THE GOVERNMENT OF BELIZE FOR THE EXCHANGE OF
More informationDECISION PROMULGATING THE PAYMENT SYSTEM ACT
THE CROATIAN PARLIAMENT 3247 Pursuant to Article 88 of the Constitution of the Republic of Croatia, I hereby issue the DECISION PROMULGATING THE PAYMENT SYSTEM ACT I hereby promulgate the Payment System
More informationLiechtenstein. Heinz Frommelt. Sele Frommelt & Partners Attorneys at Law Ltd
Sele Frommelt & Partners Attorneys at Law Ltd Heinz Frommelt Sele Frommelt & Partners Attorneys at Law Ltd Legislation and jurisdiction 1 What is the relevant legislation and who enforces it? is a member
More informationCombating. Money Laundering. Latvia
Combating Money Laundering in Latvia June 2010 2 Contents Executive Summary... 4 Legislative Basis... 4 Financial Intelligence Unit (FIU)... 5 Advisory Board of the FIU... 5 Prevention of International
More informationGUIDANCE NOTE DECISION-MAKING PROCESS
GUIDANCE NOTE DECISION-MAKING PROCESS This document is intended as a general guide to the way in which the Jersey Financial Services Commission (the Commission ), normally approaches the exercise of its
More informationBANK OF UGANDA MOBILE MONEY GUIDELINES, 2013 ARRANGEMENT OF PARAGRAPHS
BANK OF UGANDA MOBILE MONEY GUIDELINES, 2013 ARRANGEMENT OF PARAGRAPHS PART I PRELIMINARY 1. Citation and Commencement... 2 2. Background... 2 3. Objectives... 3 4. Application... 3 5. Interpretation...
More informationAnti-Money Laundering Measures in the Cayman Islands
Anti-Money Laundering Measures in the Cayman Islands Foreword This memorandum has been prepared for the assistance of those who are considering the law of the Cayman Islands (sometimes referred to as Cayman
More informationNew Bermuda Company Formation Documents
NEW CLIENT DOCUMENTATION PACKAGE Find enclosed herewith our company formation questionnaire and related documentation required to commence a business relationship with St. George s Services Limited. This
More information