Proceeds of Crime Act (AML/TF) Regulations

Proceeds of Crime Act (AML/TF) Regulations
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Speaks to Entities/ Professionals “Duty to appoint Money Laundering and Reporting Officer”

This amendment to the principal regulations speaks to countermeasures which Competent authorities can require an entity/professional to take with regards to a business relationship with any person who is situated of incorporated in a country which does not or insufficiently apply the FATF recommendations.

PRINCIPAL ACT

The Legislation speaks to the duty of entities and professionals to maintain records, identification and verification of identity, maintaining records of ML reports; duty to appoint a Money Laundering and Reporting Officer, staff training, offences and penalties for non-compliance etc.