Aleph Consulting

2002

• Financial Intelligence and Anti Money Laundering Act
• Prevention of Corruption Act
• Prevention of Terrorism Act 2002

2003

• Financial Intelligence and Anti Money Laundering Regulations
• Convention for the Suppression of the Financing of Terrorism Act
• Mutual Assistance in Criminal and Related Matters Act

2011

• Asset Recovery Act

2018

• The Financial Intelligence and Anti Money Laundering Regulations

2019

• United Nations (Financial Prohibitions, Arms Embargo and travel Ban) Act

2024

• The Financial Crime Commission Act

goAML registration

Section 14C of FIAMLA requires all reporting persons to register with the FIU. Reporting Persons include banks, financial institutions, cash dealers or members of designated professions and occupation (Part I of the First Schedule of the FIAMLA when they perform any of the relevant prescribed activities listed under Part II of FIAMLA’s First Schedule.)

Know your Customer

Identification and Verification of Identity. In line with section 17C of FIAMLA, legal professionals need to identify and verify the true identity of the customer that they are conducting a transaction with. The identity of a customer must be established and verified using independent source documents, data or information.

Appoint CO/MLRO

In accordance with Section 22 (the FIAMLR, Reporting Persons must appoint a Compliance Officer at Senior Management Level. The Regulations also stipulate under Section 26, that Money Laundering Reporting Officer and a Deputy MLRO must be appointed

Policies and Procedures (P & P)

Reporting Persons have the obligation under the Section 17A. of FIAMLA to establish Policies and Procedures to manage effectively the risks of money laundering and terrorism financing. The P & P should clearly document the steps taken for the implementation of each element of the AML/CFT Program

Risk Assessment and Mitigation

It is an obligation for Reporting Persons to identify, assess and understand their ML/TF risks pursuant to section 17 of FIAMLA. It is highlighted that Reporting Persons should take into account the outcome of the National Risk Assessment when applying CDD measures in relation to each customer.

Record Keeping

Reporting Persons are expected to have appropriate and effective policies, procedures and controls in place to ensure that records including transactions are maintained during and after the course of the business relationship, either in the form of original documents or copies.

Report Suspicious Transactions

Every reporting person has a legal obligation under the Section 14(1) FIAMLA to file a Suspicious Transaction Report (STR) with the FIU within 5 working days after the suspicion arose. A STR must be submitted to the FIU electronically.

Targeted Financial Sanctions

Section 41 of the United Nations (Financial Prohibitions, Arms Embargo, and Travel Ban) Act states that a reporting person shall implement internal controls and other procedures to enable it to effectively comply with their obligations under this Act.