Updates to the Anti-Money Laundering and Countering the Financing of Terrorism Handbook (‘AML/CFT Handbook’)

The Authority wishes to draw your attention to some amendments to the Anti-Money Laundering and Countering the Terrorism Handbook (‘AML/CFT Handbook’).

There have been a number of changes made throughout the document, including:

  • The addition of a section regarding the risk assessment of introducers;
  • The addition of guidance regarding meeting customers;
  • An update to the sections regarding the Acting on Behalf of and Eligible Introducers concessions and,
  • An update to the guidance regarding sanctions.

A list of updates can be found here. There have also been a number of other minor amendments throughout the document to provide clarity to the guidance.

Appendix D(a) and D(b) have been amended to reflect the FATF Statement issued on 19 October 2018 and the FATF’s statement entitled ‘Improving Global AML/CFT Compliance: update on-going process’ also issued on 19 October 2018.

A tracked changes version of the AML/CFT Handbook can be found here.  A ‘clean’ amended AML/CFT Handbook can be found here.

It is the Authority’s expectation that the new procedures required by the Anti-Money Laundering and Countering the Financing of Terrorism (Amendment) Code 2018 (‘the Amendment Code’) will be in place by the end of May 2019 (6 months from the publication of this AML/CFT Handbook). The risk assessments of introducers required by the Amendment Code should be carried out for any new business immediately, and for existing business at their next scheduled review.

The AML team are currently working  on an update to the Anti-Money Laundering and Countering the Financing of Terrorism Code, following this update there will be a an update to the Handbook. The AML team welcome comments on the Handbook at all times.

If you have any enquiries please contact the AML Unit using the following email address: [email protected]