• REPO Chapter 4 REPO Chapter 4 AML/CFT

    • REPO 4.1.1 AML/CFT policy

      (1) A representative office must have a written policy setting out how it will comply with the office’s obligations under the AML/CFT Law.
      (2) The policy must include the office’s procedures, systems and controls. It must be risk-sensitive, appropriate and adequate having regard to the risk of money-laundering and terrorism financing and the size, complexity and nature of the office’s business.
      (3) The policy must set out appropriate procedures for at least the following:
      (a) screening procedures for the appointment or employment of officers and employees;
      (b) the detection and reporting of suspicious transactions, and the keeping of records, in accordance with the instructions issued by the FIU.
      (4) The policy must also cover:
      (a) communication of the policy to the office’s officers and employees; and
      (b) anything else that is relevant and appropriate to the office’s activities and is required under the AML/CFT Law or these rules.
      (5) A representative office may comply with this rule by using its head office’s AML/CFT policies, if those policies satisfy the requirements of this rule.
      Derived from QFCRA RM/2020-5 (as from 1st October 2020)

    • REPO 4.1.2 AML/CFT training programme

      (1) A representative office must design, deliver and maintain an appropriate AML/CFT training programme for its officers and employees.
      (2) A representative office may comply with this rule by taking part in its head office’s AML/CFT training programme, if that programme satisfies the requirements of this rule.
      Derived from QFCRA RM/2020-5 (as from 1st October 2020)

    • REPO 4.1.3 Reporting records to be made by MLRO

      The MLRO of a representative office must make and keep records of the details of each suspicious transaction report that the office makes to the FIU.
      Derived from QFCRA RM/2020-5 (as from 1st October 2020)

    • REPO 4.1.4 Annual reports to Regulatory Authority

      A representative office must make a report to the Regulatory Authority, in a form approved for this rule under GENE, before 1 June in each year.
      Derived from QFCRA RM/2020-5 (as from 1st October 2020)

    • REPO 4.1.5 How long AML/CFT records must be kept

      A record that is made by a representative office for the AML/CFT Law or this Chapter must be kept for at least 10 years after the day it is made.
      Derived from QFCRA RM/2020-5 (as from 1st October 2020)