Commission issues a simplified overview of its AML/CFT framework

24th December 2009
The Commission is currently consulting on proposed changes to its AML/CFT legislation.  The changes will require postage stamp dealers, bullion dealers, firms of accountants which are currently not registered with the Commission and firms (including sole practitioners) of insolvency practitioners, auditors and tax advisers to register with the Commission and to comply with the AML/CFT regulations and with the rules in the Commission’s handbooks.

The Commission is conscious that the requirements of the regulations and the rules will appear to be rather complex and onerous, especially to firms which have not previously been subject to any form of AML/CFT regulation or supervision.  In order to assist such firms, the Commission has drafted a guidance paper which provides a simplified overview of the requirements of the regulations and the rules in the Handbooks.  However, whilst this information and guidance paper has been prepared to provide an overview, it is not intended to provide detailed guidance on the requirements of all the regulations and the rules.
Click here for a copy of the guidance paper.