• AML/CFTR Part 1.2 AML/CFTR Part 1.2 Key AML/CFT principles

    • AML/CFTR 1.2.1 Principle 1 — responsibilities

      The Governing Body of a firm is responsible for approving the policies, procedures, systems and controls necessary to ensure the effective prevention of money laundering and terrorism financing. The senior management of the firm must ensure that the policies, procedures, systems and controls are implemented, and that they appropriately and adequately address the requirements of the AML/CFT Law and these rules.

      Derived by QFCRA RM/2019-8 (as from 1st February 2020)

    • AML/CFTR 1.2.2 Principle 2 — risk-based approach

      A firm must adopt a risk-based approach to these rules and their requirements.

      Derived by QFCRA RM/2019-8 (as from 1st February 2020)

    • AML/CFTR 1.2.3 Principle 3 — know your customer

      A firm must know each of its customers to the extent appropriate for the customer's risk profile.

      Derived by QFCRA RM/2019-8 (as from 1st February 2020)

    • AML/CFTR 1.2.4 Principle 4 — effective reporting

      A firm must have effective measures in place to ensure that there is internal and external reporting whenever money laundering or terrorism financing is known or suspected.

      Derived by QFCRA RM/2019-8 (as from 1st February 2020)

    • AML/CFTR 1.2.5 Principle 5 — high standard screening and appropriate training

      A firm must:

      (a) have adequate screening procedures to ensure high standards when appointing or employing officers and employees; and
      (b) have an appropriate ongoing AML/CFT training programme for its officers and employees.
      Derived by QFCRA RM/2019-8 (as from 1st February 2020)

    • AML/CFTR 1.2.6 Principle 6 — evidence of compliance

      A firm must be able to provide documentary evidence of its compliance with the requirements of the AML/CFT Law and these rules.

      Derived by QFCRA RM/2019-8 (as from 1st February 2020)