Requirement | Short Description |
Customer Due Diligence | For some transactions, especially for cash transactions USD10,000, above companies have to conduct CDD (Customer Due Diligence procedures). Depending on the risk, there are simplified and enhanced CDDs. |
Internal Controls | Independent of trigger-transactions, all companies have to establish risk-based internal AML controls, e.g. · Business-customer-related · AML training for employees · Employee reliability checks |
AML Officer | Designate an AML Officer |
Suspicious Transaction Reports (STRs) | File suspicious transaction reports where there is a suspicion of money laundering |