Money Laundering (Prevention) Regulations – Sections 21 and 43 (Statutory Instrument 53/2023)
Statutory Instrument 53/2023 .. in force 24 May 2023
ARRANGEMENT OF REGULATIONS
PRELIMINARY
| 1. | Citation |
| 2. | Interpretation |
| 3. | Application |
PART 1
ESTABLISHMENT AND MAINTENANCE OF RECORDS
| 4. | Responsibility relating to establishment and maintenance of records |
| 5. | Records on the identity and transactions of customers |
| 6. | Maintenance of records in retrievable form |
| 7. | Provision of records to the Authority |
| 8. | Request to keep records |
| 9. | Records in relation to transactions, verification and training |
PART 2
INTERNAL POLICIES, PROCEDURES AND CONTROLS
| 10. | Responsibility relating to internal policies, procedures or controls |
| 11. | Development and application of internal policies, procedures or controls |
| 12. | Audit for compliance |
| 13. | Independent audit |
PART 3
SUSPICIOUS TRANSACTION REPORTING
| 14. | Responsibility relating to suspicious transaction reporting |
| 15. | Internal reporting of suspicious transactions |
| 16. | Reporting of suspicious transactions to the Authority |
| 17. | Register of suspicious transactions |
| 18. | Notifying the Authority during an investigation |
| 19. | Receipt of report by the Authority |
PART 4
COMPLEX TRANSACTIONS OR UNUSUAL TRANSACTIONS
| 20. | Responsibility relating to complex transactions or unusual transactions |
| 21. | Transaction monitoring |
PART 5
COMPLIANCE OFFICER
| 22. | Appointment of Compliance Officer |
| 23. | Resources and size of compliance function |
| 24. | Appointment of an alternate Compliance Officer |
| 25. | Role and responsibilities of a Compliance Officer |
| 26. | Reports of Compliance Officer |
PART 6
PROGRAMMES AGAINST MONEY LAUNDERING, TERRORIST FINANCING AND PROLIFERATION FINANCING
| 27. | Responsibility relating to programmes against money laundering, terrorist financing and proliferation financing |
| 28. | Screening procedures when hiring employees |
| 29. | Staff training |
PART 7
CUSTOMER IDENTITY AND CUSTOMER DUE DILIGENCE
| 30. | Obligation to identify customer |
| 31. | Beneficiary of life insurance |
| 32. | Prior customer verification |
| 33. | Obligation when unable to comply with customer due diligence |
| 34. | Verification not required |
| 35. | Enhanced due diligence procedures |
| 36. | Correspondent banks |
| 37. | New technologies |
| 38. | Identification and record-keeping requirements relating wire transfers |
| 39. | Ordering financial institutions |
| 40. | Intermediary financial institutions |
| 41. | Beneficiary financial institution |
| 42. | Identification and record-keeping requirements relating to the transfer of virtual assets |
| 43. | Originating virtual asset service provider |
| 44. | Intermediary virtual asset service provider |
| 45. | Beneficiary virtual asset service provider |
PART 8
FORMS FOR SOURCE OF FUNDS DECLARATION
| 46. | Source of funds declaration by financial institution |
| 47. | Source of funds declaration by person engaged in other business activity |
PART 9
MISCELLANEOUS
| 48. | Group obligations |
| 49. | Reliance on third parties within a financial group |
| 50. | Penalty for non-compliance |
| Schedule | |
Commencement [24 May 2023]