3.1 Summary of Minimum Statutory Obligations of Supervised Institutions
يسري تنفيذه من تاريخ 13/7/2023The AML-CFT Law and the AML-CFT Decision set out the minimum statutory obligations of supervised institutions as follows:
| • | To identify, assess, understand risks (AML-CFT Law Article 16.1(a), AML-CFT Decision Article 4.1); |
| • | To define the scope of and take necessary due diligence measures (AML-CFT Law Article 16.1(b), AML-CFT Decision Article 4.1(a) and 2); |
| • | To appoint a compliance officer, with relevant qualification and expertise and in line with the requirements of the relevant Supervisory Authority (AML-CFT Decision Article 21, 44.12); |
| • | To put in place adequate management and information systems, internal controls, policies, procedures to mitigate risks and monitor implementation (AML-CFT Law Article 16.1(d), AML-CFT Decision Article 4.2(a)); |
| • | To put in place indicators to identify suspicious transactions (AML-CFT Law Article 15, AML-CFT Decision Article 16); |
| • | To report suspicious activity and cooperate with Competent Authorities (AML-CFT Law Article 9.1, 15, 30, AML-CFT Decision Article 13.2, 17.1, 20.2); |
| • | To promptly apply directives of Competent Authorities for implementing UN Security Council decisions under Chapter 7 of the UN Convention for the Prohibition and Suppression of the FT and Proliferation (AML-CFT Law Article 16.1(e), AML-CFT Decision Article 60); |
| • | To maintain adequate records (AML-CFT Law Article 16.1(f), AML-CFT Decision Article 7.2, 24). |
Specific guidance on these and other provisions of the AML-CFT Law and the AML-CFT Decision is provided in the following sections.