As part of the FCS initiatives to assist the financial institutions in applying national measures to combat money laundering and terrorist financing, the Commission has developed its Anti-Money Laundering and Countering the Financing of Terrorism Handbook (the ‘AML/CFT Handbook’). The aim of the Handbook is to assist the financial institutions under the purview of the Commission in complying with the requirements of the FIAMLA and the FIAML Regulations 2018. It consolidates the Commission’s guidance on anti-money laundering, financing of terrorism and financing of proliferation of weapons of mass destruction.
This AML/CFT Handbook is designed to provide guidance to all financial institutions. Under the FIAMLA, a financial institution is an institution, or a person, licensed or registered or required to be licensed or registered under –
(a) section 14, 77, 77A or 79A of the Financial Services Act;
(b) the Insurance Act;
(c) the Securities Act; or
(d) the Captive Insurance Act 2015.
Further to the Risk-Based Supervision cycle 2020-21, the Handbook has been updated to provide further guidance on Business Risk Assessment and Independent Audit.
The AML/CFT Handbook can be downloaded here.