Guidance Note on Record Keeping & Customer Identification

NBFIRA as a supervisory authority listed in Schedule II of the Act is mandated under Section 44 (1) of the Act to issue guidance notes in an effort to raise awareness amongst specified parties with regards to money laundering, terrorism financing and proliferation financing risks. This is to ensure that specified parties are able to develop systems and have policies in place that would assist them to be compliant.   

The Act mandates all specified parties to implement programs to combat money laundering and terrorist financing.  Section 16 of the Act requires that specified parties identify their customers whereas sections 27 to 32 require that specified parties keep records of all the documents acquired through customer identification process.