The MGA stated these changes reflect amendments to the Prevention of Money Laundering and Funding of Terrorism Regulations (“PMLFTR”) and to Part I of the Implementing Procedures. According to the Authority, they also reflect “realities encountered by FIAU and MGA officers in the course of supervisory activities”. The implementation of these procedures came into effect on the 2nd of July.
The revision of procedures touches on issues such as customer due diligence, obligations of subject persons and related risk factors, the extension of anti-money laundering and countering the funding of terrorism (“AML/CFT”) obligations, and the provision of targeted guidance on Corporate Licensees.
For ease of reference, interested parties can visit the website of the FIAU and access a copy of the original Implementing Procedures Part II, with the relevant tracked changes reflecting the latest revision. The MGA has recommended that consultation of the revised procedures be undertaken in conjunction with the content of Implementing Procedures Part I.
The revised Implementing Procedures Part II can be accessed from here