June 10 2019
I am informed there are new Anti-Money Laundering regulations that have introduced very stringent reporting guidelines on banks. What are these and how can banks address this situation?Can you also enlighten us on the recent mortgage regulations? GO, Dar
It is true that in May the Ministry of Finance and Planning published the Anti-Money Laundering (Electronic Funds Transfer and Cash Transactions Reporting) Regulations, 2019 (Regulations) vide GN No 420.
The Regulations are made under section 29 of the Anti-Money Laundering Act. Under regulation 4, every electronic fund transfer must be accompanied with information required in the Second Schedule and every currency transaction shall contain information required in the First Schedule.