Preventive Measures for Reporting Institutions

All reporting institutions are required by law to undertake preventive measures to prevent their institutions from being used as a conduit for money laundering and terrorism financing activities.

The preventive measure includes conducting risk assessment, application of customer due diligence, submission of suspicious transaction report (STR) and large cash transaction report (LCTR), maintenance and retention of records of transactions, and implementation of AML/CFT compliance program that is reflective of the reporting institutions money laundering and terrorism risk profile.

Who are the Reporting Institutions under the AML/CFT?

 

Sector Reporting Institution
Banking Commercial, Islamic Banks
Insurance Motor, life, goods, property and others
Money Service Business Remittance – Domestic & International
Mobile Money Mobile wallets
Micro Finances Small lenders
DNFBPs Accountants, lawyers, public notaries
Others Others

 

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