AML Questions & Answers

What is required to be compliant?

The major requirement under the 2006 Act is for an entity to have implemented an Anti-Money laundering and Counter Terrorism Financing Program by 12 December 2007. The Act describes an AML&CTF Program in two parts:

• Part A: that identifies, mitigates and manages money laundering and terrorism financing risks that the ?reporting entity? may reasonably face in the provision of ?designated services?, and
• Part B: that sets out customer identification procedures that are required under the AML/CTF Act and associated AML/CTF Rules