Compliance
All Accountable Institutions (AI’s) listed under Schedule 1 (Click here to see a list of accountable institutions) of the Money Laundering and Proceeds of Crime Act of 2008 (MLPCA) are hereby obliged to register with the Financial Intelligence Unit. By registering with the Financial Intelligence Unit, an Accountable Institution is introducing and identifying themselves to the Unit.
This will be beneficial to the AI in that the Unit will be able to easily offer support to the AI regarding matters of Compliance as required under the MLPCA, by amongst others, including the registered AI in its initiatives and programs aimed at assisting the AI fulfill their obligations. Obligations of Accountable Institutions.
Registration further facilitates Threshold and Suspicious Transactions Reporting (TTR and STR) by the AI. Upon registration, the AI identifies who their Reporting officer is. The Reporting officer will be responsible for collating the required Reports, be it TTR or STR, and submitting them to the FIU.
Furthermore, upon registration, the FIU provides the AI with their reporting number unique to that particular AI.
Public Compliance Communication
Public Compliance Communications (PCC) provides guidance in relation to matters concerning compliance with obligations under the Money Laundering and Proceeds of Crime Act (2008) as Amended and all the Regulations and Guidelines. PCC’s do not constitute legal opinion but do provide guidance and can be considered when interpreting the provisions of the Money Laundering and Proceeds of Crime legal framework and assessing compliance with its obligations. PCC’s will generally cover specific compliance issues.
The purpose of this guidance is to provide industry specific guidance for Attorneys-at- Law on their legal obligations to deter and detect money laundering and financing of Terrorism activities. The guidance is merely a source of advice and information only, and does not serve as legal advice, and is not intended to replace the AML/CFT legal regime. [Read More]
This Public Compliance Communication (PCC) provides sector specific guidance to the real estate sector on applying a risk-based approach in the implementation of their obligations under the Money Laundering and Proceeds of Crime Act of 2008 (as amended) and all supporting legislation. [Read More]. [See Guidance]
This Public Compliance provides guidance to sector supervisors on the drafting
of a risk-based compliance framework when performing their supervision duties
in line with regulation 18 of the Money Laundering and Proceeds of Crime
Regulations, 2019 [Read More]
Motor Vehicle Dealers are listed under schedule 1 of the MLPCA as Accountable Institutions, and as such are accountable to the obligations stated under the same Act. The Act does not necessarily provide a description of ‘Motor Vehicle Dealerships’ and the purpose of this PCC is to clarify the unit’s perspective of this term. The intention is to further outline the obligations incumbent on this industry under this Act. [Read More]
