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The FIU was established in terms of the Financial Intelligence and Anti-Money Laundering Act of 2002. The Act identifies Reporting Persons (financial institutions and other identified businesses) to assist in counteracting money laundering and the financing of terrorism.
The following businesses are considered to be Reporting Entities:
Conduct customer due diligence before and during the course of the business relationship or when conducting transactions for occasional customers, which includes: Identifying Beneficial Owners ＆Identifying Domestic and Foreign Politically Exposed Persons (PEPs)
Keep records of all customer transactions
Identify all money laundering and terrorist financing risks associated with the products and services offered and implement appropriate mitigations for these risks
Submit regulatory reports
Register with the FIU
Where lower risks have been identified by the Reporting Person, Simplified Customer Due Diligence (SDD) may be applied if the low risk identified is consistent with the findings of the national risk assessment of the relevant supervisory authority or regulatory body, whichever is most recently issued.
Suspicious Transaction Reports
(STRs) - Must be submitted within 5 working days of you becoming aware of the suspicious transaction;
Note that cash transactions over Rs 500,000 (a single transaction or multiple transactions that add up to Rs 500,000) are not allowed and must be reported as suspicious if such transactions take place.
Our clients are provided with a secure and simple solution in regard to scanning for politically exposed or high-risk individuals, as well as checking names against sanction, regulatory, law enforcement, and other official lists.
Use our sophisticated scan filters and due diligence workflow to minimise the amount of time you spend sorting through, false matches. Scan results and reporting sections allow you to access customer details, whenever and wherever required, as well as download reports, to customise for further investigation or to provide evidence of your AML program compliance for auditing purposes.
* This page is intended as general information only and should not be relied on as the sole source of information for your AML obligations and AML program. Please visit your local regulatory authority sites for the latest relevant and full information.
