AML/CFT/CPF
Anti-Money Laundering, Countering Financing of Terrorism and Proliferation
The Securities Exchange and Investment Protection Commission (SEIPC) is committed to preventing the financial system from being used for money laundering, terrorist financing, and proliferation financing. This section provides information and resources to help regulated firms comply with their AML/CFT/CPF obligations.
Key AML/CFT/CPF Obligations
Risk Assessment
Firms must conduct and document a risk assessment of their business to identify and assess the risks of money laundering, terrorist financing, and proliferation financing.
Customer Due Diligence
Firms must identify and verify the identity of their customers and, where applicable, beneficial owners. Enhanced due diligence must be applied to higher-risk customers.
Ongoing Monitoring
Firms must conduct ongoing monitoring of their business relationships and scrutinize transactions to ensure they are consistent with their knowledge of the customer.
Suspicious Transaction Reporting
Firms must report suspicious transactions to the Financial Intelligence Unit without delay.
Record Keeping
Firms must maintain records of customer identification, transactions, and risk assessments for at least five years.
Training
Firms must provide regular training to their employees on AML/CFT/CPF obligations and how to recognize and deal with suspicious transactions.
Regulatory Framework
The AML/CFT/CPF regulatory framework is based on international standards set by the Financial Action Task Force (FATF) and includes:
- The Anti-Money Laundering and Countering the Financing of Terrorism Act 2023
- The AML/CFT/CPF Regulations 2023
- The SEIPC AML/CFT/CPF Guidance Notes
- Industry-specific guidance
Sanctions Compliance
Firms must comply with all applicable sanctions regimes and implement effective sanctions screening systems and controls. The SEIPC expects firms to:
- Screen customers and transactions against relevant sanctions lists
- Implement procedures to identify and freeze designated assets
- Report any sanctions matches to the SEIPC and other relevant authorities
- Regularly update their sanctions screening systems
Recent Updates
AML/CFT/CPF Training
The SEIPC offers regular training sessions on AML/CFT/CPF compliance for regulated firms.
Upcoming Sessions:
- Introduction to AML/CFT/CPF - 15 May 2023
- Customer Due Diligence - 22 May 2023
- Suspicious Transaction Reporting - 29 May 2023