The purpose of this report is to help reporting entities (REs) better understand our expectations, and what they can do to improve their systems and processes to comply with the Anti-Money Laundering and Countering Financing of Terrorism Act 2009 (the Act) and its supporting regulations.
This report summarises our monitoring activities from the period from 1 July 2016 to 30 June 2018, which marked our fifth year of monitoring compliance with the Act. We focused on risk assessments being up to date and well-maintained; adequacy and effectiveness of policies, procedures and controls as per the AML/CFT programme; customer due diligence, ongoing customer due diligence and enhanced due diligence; governance and management oversight.
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