 |
Table of Contents
|
 |
|
|
Anti-Money Laundering Toolkit
Financial System Requirements
Financial Regulatory Supervision is required with coverage of all financial institutions1. This will also involve some consideration of alternate remission systems, as they are outside the formal financial sector and thus not only unregulated, but also untraceable transfers occur through such systems.
The supervision will ensure that customer due diligence is undertaken, that records are kept for a minimum of five years and that all transactions are traceable.
- In the FATF Recommendations the definition of Financial institutions" means any person or entity who conducts as a business one or more of the following activities or operations for or on behalf of a customer:- acceptance of deposits and other repayable funds from the public, lending. financial leasing. the transfer of money or value, issuing and managing means of payment (e.g. credit and debit cards, cheques, traveller's cheques, money orders and bankers' drafts, electronic money), financial guarantees and commitments, trading in:
- money market instruments (cheques, bills, CDs, derivatives etc.);
- foreign exchange;
- exchange, interest rate and index instruments;
- transferable securities;
- commodity futures trading, participation in securities issues and the provision of financial services related to such issues,. Individual and collective portfolio management, safekeeping and administration of cash or liquid securities on behalf of other persons, otherwise investing, administering or managing funds or money on behalf of other persons, underwriting and placement of life insurance and other investment related insurance, and money and currency changing.
Office of the General Counsel
 Back
Legal Regime Requirements | Next
The Establishment of an FIU |
Publications 
Top of page