The new Anti-Money Laundering and Counter-Terrorism Financing Act No. 13 of 2014 has repealed and replaced the old Financial Transaction Reporting Act, which came into effect and force in 2000. The AML&CTF Act was brought into effect and force on 24 June 2014.

The AML&CTF Act sets out the main AML&CTF framework by providing for the classification of businesses and professions carrying on services as reporting entities under the AML&CTF Act, setting out AML&CTF preventive measures to which the reporting entities are obliged to implement and comply with.

AML&CTF Preventive Measures include:

  • Registration of business with VFIU
  • Appointment of AML&CTF Compliance Officer
  • Establishment and maintenance of AML&CTF Procedure Manual and AML&CTF Group-Wide Procedure Manual
  • Establishment and maintenance of Risk-based Systems and Controls
  • Establishment and maintenance of Customer Due Diligence
  • Establishment and maintenance of Record Keeping
  • Establishment and submission of Transactional Reports to the VFIU
  • Establishment and on-going Staff Training on AML&CTF issues
  • Establishment and maintenance of correspondent banking processes
  • Establishment and maintenance of an independent audit system

The AML&CTF act can be downloaded or viewed from below:

AML&CTF Related Legislation

AML&CTF related legislation includes: