FAQs

During the conduct of CDD, unusual transactions and activities (including attempted transactions and activities) may be identified. Section 18 of the AMLTF Code of Practice requires employees of FIs and DNFBPs to report such instances to the Money Laundering Reporting Officer (“the Reporting Officer”), who is required to investigate those details and determine if a report needs to be made to the Financial Investigation Agency (FIA). This includes where an applicant for business or customer fails to provide sufficient evidence to verify their identity.

Section 17 of the AMLTF Code of Practice stipulates the Reporting Officer’s duty to report all suspicious customers or activities associated with ML, TF or PF to the FIA. Refer to the separate Suspicious Activities Reporting (SAR) FAQs for further guidance.  

Section 25 (2) of the AMLTF Code of Practice stipulates that FIs and DNFBPs must obtain proof of existence of the legal person and information regarding:

• full name and any trading name;
• official registration or other identification number;
• date and place of incorporation, registration, or formation, and legal form;
• address of its registered office in the country of incorporation and its mailing address, if different;
• address of its registered agent to whom correspondence may be sent and the mailing address of its registered agent, if different;
• principal place of business and the type of business engaged in;
• the powers that regulate and bind the legal person, as well as the names of the relevant persons having a senior management position; and
• the ownership and control structure of the legal person, including direct and indirect ownership.

In addition, FIs and DNFBPs must:

• identify and verify the identities of each beneficial owner, each director, partner, or similar position, and any person acting on behalf of the legal person; and
• understand the nature of the legal person’s business and its ownership and control structure.