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)|