Lesotho

Reg. 13(2) of the Money Laundering and Proceeds of Crime Regulations, 2019 requires accountable institutions to designate an officer at senior management level, who must know the institution's AML/CFT controls (reg. 13(3)). For banks, reg. 14(1)(a) of the CBL's 2015 Regulations requires policies for designating compliance or money laundering officers and reg. 15 an ongoing staff training programme. The Act (ss. 19-20 in the 2008 text, replaced by ss. 19-21A in 2016) adds internal reporting procedures, training and an audit function.

Section 18(1) of the Act requires a report after forming suspicion and wherever possible before the transaction is carried out; the 2016 amendment extends it to attempted transactions. Reg. 19(2) of the Money Laundering and Proceeds of Crime Regulations, 2019 requires the report to the FIU 'immediately upon forming the suspicion' and 'not later than 7 days', with a written explanation if late (reg. 19(3)). Reg. 10 of the CBL's 2015 Regulations requires banks to report to the FIU and, for material activity, to the Commissioner.