The Commission has updated the Codes of Practice issued under section 35 of the Fiduciary Law. The changes, which come into force on 1 August 2009, can be summarised as follows:
The names of the AML/CFT legislation and the AML Handbook have been updated.
The names of the trust and company laws and related terminology have been updated.
The description of the “four-eyes” requirement has been updated to reflect recent changes to the way that is set out in the Fiduciary Law.
The Codes have been amended to reflect that the AML regime now requires financial services businesses to have in place procedures documenting the risk assessment both of its business as a whole and each of its business relationships and policies, procedures and controls to forestall, prevent and detect money laundering and terrorist financing.
The words “aggregate annual” have been deleted from the description of acceptable professional indemnity insurance excesses as, in practice, licensees have not been held to an aggregate annual excess limit of 3% of turnover and such a limit is not obtainable in current conditions.
The updated Codes of Practice are available below: