The Financial Services Commission (“FSC”) has the responsibility for ensuring that regulated businesses in respect of which it exercises the role of Competent Authority are compliant with their anti-money laundering, counter financing of terrorism and counter proliferation financing (“AML/CFT/CPF”) requirements under the Proceeds of Crime Act (“POCA”), Terrorism Prevention Act (“TPA”), United Nations Security Council Resolutions Implementation Act (“UNSCRIA”) and the regulations attendant to each piece of legislation and as such, periodically updates its Guidelines in accordance with that responsibility.
These Guidelines have been issued pursuant to section 91(g)(ii) of the POCA, Regulation 20(b) of the Terrorism Prevention (Reporting Entities) Regulations and section 14A(b) of the UNSCRIA. The objectives of these Guidelines are to inform the FSC’s regulated businesses of their responsibilities under the applicable legislation, as well as to identify best practices in AML, CFT, CPF procedures, processes, and systems. These Guidelines denote the minimum acceptable standards for compliance with the AML/CFT/CPF legislation. FSC’s regulated businesses may adopt internal controls that are of equivalent or higher standard.
This most recent amendment of the Guidelines is effective February 28, 2023.