The AML/CFT supervisors have jointly published further guidelines in the lead up to the full implementation of phase one of the anti-money laundering and countering of financing terrorism (AML/CFT) regime on 30 June this year. These are:
- The Beneficial Ownership Guideline (December 2012) which has been developed to assist reporting entities meet the requirement to perform customer due diligence on the customer and beneficial owners of the customer under the AML/CFT Act. The guideline provides information on how to determine beneficial ownership by identifying the individual(s) that own more than 25 percent of a customer, those with effective control of a customer, and persons on whose behalf a transaction is conducted.
- The Territorial scope of the Anti-Money Laundering and Countering Financing of Terrorism Act 2009 Guideline (December 2012), which as the title suggests is designed to help financial institutions understand the territorial scope of the AML/CFT Act.
- The Guideline for audits of risk assessments and AML/CFT programmes (December 2012) which is to help reporting entities manage the requirement to audit their AML/CFT risk assessment and AML/CFT programme, as required under section 59(2) of the AML/CFT Act.