AML-and-CFT-Regulations-Amendment-Regulations-2023.pdf [pdf, 709 KB]
...issues identified by the statutory review, including: 20.1 Definitions and terminology that are out of date, unclear, or not fit-for- purpose; 20.2 Obligations which are set to a standard of risk higher than actual risk, causing unnecessary costs to business; 20.3 Gaps in regulations relating to known high-risk areas of cash, virtual assets, high-risk countries, and high-risk customers; 20.4 Limited visibility of remittance networks and consequent limited levels of assura...