Anti-Money Laundering (AML)/ Countering Terrorist Financing (CFT) and Proliferation of Weapons of Mass Destruction (CPF)
What are AML, CFT and CPF?
AML, CFT, and CPF are the measures put in place to combat money laundering, terrorist financing, and the proliferation of weapons of mass destruction.
What is SEC’s role in AML, CFT and CPF compliance of its licensees?
SEC is one of the Supervisory Bodies in the Financial Sector which is empowered by the AML Act, Act 874 as amended to assist Capital Market Operators (CMOs) to comply with all the AML/CFT legislation.
What is AML/CFT Compliance Programme?
It is a minimum document that indicates how the CMO is complying with all the AML/CFT legislation and SEC/FIC Guidelines. Its contents include Customer Acceptancy Policy, Customer Identification Programme, red flags of money laundering, terrorist financing, detection and prevention of money laundering, filing of currency transaction report, filing of suspicious transaction report, etc.
Who is an Anti-Money Laundering Reporting Officer (AMLRO)?
An AMLRO is an appointed officer of a CMO supposedly at the Senior Management position and is in charge of carrying out the day to day activities of AML/CFT compliance. Among his/her duties are as follows:
• Develop an AML/CFT Compliance Programme and ensures its effective implementation;
• Receive, vet and file Currency Transaction Report(CTR) and Suspicious Transaction Report(STR) with the Financial Intelligence Centre(FIC);
• Coordinate the training of CMO’s staff in AML/CFT awareness;
• Act as both a liaison officer with SEC and FIC.
Current AML/CFT issues
The AMLROs have formed an Association called “Association of Capital Market Anti-Money Laundering Reporting Officers (ACAMRO). It has in place a Constitution and five Executive Officers to steer the affairs of the Association till November 2017 before elections will be held.
AMLRO Downloadable Questionaires