Regulation 2007
Proceeds of Crime (Money Laundering Prevention) Regulations, 2007 (with amendments to 2013)
Issued by Financial Investigations Division
Plain-English summary
Requires regulated businesses to maintain AML programmes and a nominated officer, identify and verify customers, keep records and report suspicious activity. Amended again by Regulations of 2019.
Who it applies to
All industries
Topics
AML / CFT / Sanctions
Obligations arising from this law or regulation
| Obligation | Timing | Regulator | Source | Detail |
|---|---|---|---|---|
| AML compliance programme and nominated officer | Ongoing | BOJ | official | |
Reg. 5(1)-(2) requires programmes, policies, procedures and controls, including staff integrity checks, ongoing training and independent audit. Reg. 5(3) requires the business to nominate an officer who performs management functions. Reg. 6(1) covers internal control and communication procedures and staff awareness. |
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| Customer due diligence (KYC/CDD) | At onboarding + ongoing (review at least every seven years and when in doubt) | BOJ | official | |
Reg. 7 requires identification and verification of customers and stops the business relationship if identity cannot be verified; customer information is reviewed at least once every seven years and whenever doubt arises (reg. 7(1)(c)). Reg. 7A covers risk profiles and enhanced due diligence; regs. 11-13 cover agents, introducers and evidence of identity; reg. 16 bars anonymous or fictitious-name accounts. |
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| No obligations match these filters. | ||||
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