Ordinances & Statutory Guidelines

The main legislation relevant for AIs’ AML/CFT Systems is the Anti-Money Laundering and Counter-Terrorist Financing Ordinance (AMLO), which sets out the customer due diligence and record keeping requirements and the Banking Ordinance (BO) which requires AIs to maintain on and after authorization adequate systems of control.

Statutory Guidelines are issued by the Monetary Authority (MA) under the BO and/or AMLO which set out the relevant AML/CFT statutory and regulatory requirements, the AML/CFT standards which AIs should meet in order to comply with the statutory requirements, and the manner in which the MA proposes to exercise the power to impose a pecuniary penalty.