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