The amendment aims to enhance the overall regulatory framework by strengthening compliance, improving risk assessment, and expanding accountability. To this end, compliance now encompasses counter-terrorist financing and measures against proliferation financing, in addition to anti-money laundering (AML) protocols. Key amendments include the introduction of sanctions screening combined with enhanced due diligence for higher-risk scenarios. Furthermore, the registration process for Designated Non-Financial Businesses and Professions (DNFBPs) must now include the appointment of AML Officers and the identification of beneficial owners, ensuring greater transparency and responsibility. Additionally, the threshold for customer due diligence in one-time transactions has been lowered to CI $10,000, making it easier to monitor and assess these transactions effectively.
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By FCCT Editorial Team
