Compliance with the FIU

Reporting Entities:

Appointment of Compliance Officer.

Every reporting entity shall appoint a compliance officer within 30 days of commencement of its operations....

Registration with the FIU

Every reporting entity to which the AML/CFT Act, 2020 applies or commence its business operations in any of the business specified in the First Schedule of the Act, shall register with the FIU within 60 days from commencement...

Reporting Suspicious Activity

Visit this link to go on the FIU's reporting platform known as goAML. Please click on the button below to learn more about the reporting process and steps to take.

Supervision From Supervisory Authorities

Businesses that are required to comply with the AML/CFT Act are supervised by an appropriate authority. There are three authorities that currently supervise and monitor reporting entities. These are referred to as Supervisory Authorities and are as follows :

Enforcement And Sanctions

Supervision and enforcement of compliance with the AML/CFT Act obligations is done by the different supervisory authorities. One common way to monitor compliance is through onsite inspections to test the levels of compliance, which may be carried out by a supervisory authority, or jointly.

International Sanctions

Sanctions are restrictive measures that are put in place by the United Nations (UN) Security Council or other countries in the international community to achieve a specific foreign policy or national security objective, as well as maintain international peace and security.

List of Obligations

Registering with the FIU
Identifying and assessing the money laundering and terrorist financing risks
Establishing and maintaining internal control systems and procedures
Appointment of a Compliance Officer
Applying customer due diligence measures
Ceasing of transaction
Maintaining accounts and legal names of account holders
Keeping record and retaining identification details in wire transfers
Monitoring customer activities and transactions
Maintaining records of their customers
Reporting suspicious activities magna