Last updated: September 17th, 2024 11:00 AM
Prevention of Money Laundering (Maintenance of Records) Amendment Rules
In March 2023, the Ministry of Finance's Department of Revenue introduced the Prevention of Money Laundering (Maintenance of Records) Amendment Rules, 2023. These rules expanded the scope of reporting entities under money laundering provisions to include non-governmental organizations (NGOs). They established a defined definition for politically exposed persons (PEPs) in alignment with the Financial Action Task Force (FATF) recommendations. Under the new rules, reporting entities such as financial institutions, banking companies, and intermediaries must disclose beneficial owners and the existing know-your-customer (KYC) requirements.
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