Version status: In force | Document consolidation status: Updated to reflect all known changes
Version date: 18 November 2019 - onwards
  Version 5 of 5    

54. Internal policies and procedures and training.

(1) A designated person shall adopt internal policies, controls and procedures in relation to the designated person's business to prevent and detect the commission of money laundering and terrorist financing.

(2) In particular, a designated person shall adopt internal policies, controls and procedures to be followed by any persons involved in carrying out the obligations of the designated person under this Part.

(3) The internal policies, controls and procedures referred to in subsection (1) shall include policies, controls and procedures dealing with -

(a) the identification, assessment, mitigation and management of risk factors relating to money laundering or terrorist financing,

(b) customer due diligence measures,

(c) monitoring transactions and business relationships,

(d) the identification and scrutiny of complex or large transactions, unusual patterns of transactions that have no apparent economic or visible lawful purpose and any other activity that the designated person has re