AML/CFT for all payment service providers
What are the AML/CFT requirements for ALL licensed payment companies?
The non-exhaustive AML/CFT requirements include the following:
- Identify, assess and understand their ML/TF risks;
- Develop and implement policies, procedures and controls for the effective management of such risks
- Customer due diligence (CDD)
- Transaction monitoring
- Screening
- Suspicious transactions reporting; and
- Record keeping