In July, three new guidelines were released by the AML/CFT supervisors to assist reporting entities prepare for their compliance obligations under the Anti-Money Laundering and Countering Financing of Terrorism Act 2009 when it comes into force next year. The guidelines are the:

  • Designated Business Group – Formation Guideline which is designed to help reporting entities forming a designated business group (DBG) understand the process for doing so. In particular, the guideline highlights the eligibility criteria and election process, and explains the process for notifying an AML/CFT supervisor of the formation of a DBG, any addition or withdrawal of a member, or any change in details.
  • Designated Business Group – Scope Guideline which is designed to assist reporting entities to understand which obligations may be shared by members of a DGB.
  • Countries Assessment Guideline which is designed to help reporting entities dealing with a customer or institution resident or supervised in or from a foreign country decide whether they need to undertake an assessment of aspects of that country’s regulatory environment, and how to go about doing such an assessment.