Regulation 2017
Regulations Governing Anti-Money Laundering of Financial Institutions
Issued by Financial Supervisory Commission
Plain-English summary
Issued under Arts. 7, 8, 9 and 10 of the Money Laundering Control Act. Sets out customer due diligence (Art. 3), record keeping (Art. 12) and suspicious transaction reporting (Art. 15) for financial institutions. Announced 28 June 2017 and last modified 14 December 2021 according to the Banking Bureau database.
Who it applies to
Banking · Insurance · Capital Markets
Topics
AML / CFT / Sanctions
Obligations arising from this law or regulation
| Obligation | Timing | Regulator | Source | Detail |
|---|---|---|---|---|
| Suspicious transaction reporting | Deadline Within two business days of internal approval of the report | MJIB | source | |
Art. 13 of the Money Laundering Control Act requires institutions to report suspicious transactions, including attempted ones, to the Investigation Bureau of the Ministry of Justice. Under Art. 15(2) of the AML Regulations, the report goes in within two business days of approval by the responsible chief compliance officer, whatever the amount; Art. 15(3) asks for urgent cases to be sent as soon as possible by fax or other means, with a written follow-up. |
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| No obligations match these filters. | ||||
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