All provisions · AML/CFT Act (Cap. 251) · Part Vi: Preventive measures
33 Obligation to establish and maintain internal control systems and procedures
(1) A reporting entity shall establish and maintain procedures and systems to—
(a) implement internal policies, procedures and controls to fulfil the obligations under this Act;
(b) implement adequate screening procedures to screen persons before recruitment;
(c) train its officers, employees and agents to recognise suspicious transactions, trends in money laundering, and terrorist financing activities and risks within the reporting entity’s products, services and operations;
(d) implement independent audit arrangements to test its procedures and systems relating to anti-money laundering, and terrorist financing activities; and
(e) implement regular testing to verify that the originator and beneficiary information has been collected for virtual asset transfers received or sent.
(Amended by Act 12 of 2024)
(2) The procedures and systems shall be appropriate to the risks identified under section 32 and any risk assessment carried out at national level and be proportionate to the nature and size of the reporting entity’s business.
(3) The procedures and systems shall be approved by senior management and be monitored and enhanced, if necessary.
(a) implement internal policies, procedures and controls to fulfil the obligations under this Act;
(b) implement adequate screening procedures to screen persons before recruitment;
(c) train its officers, employees and agents to recognise suspicious transactions, trends in money laundering, and terrorist financing activities and risks within the reporting entity’s products, services and operations;
(d) implement independent audit arrangements to test its procedures and systems relating to anti-money laundering, and terrorist financing activities; and
(e) implement regular testing to verify that the originator and beneficiary information has been collected for virtual asset transfers received or sent.
(Amended by Act 12 of 2024)
(2) The procedures and systems shall be appropriate to the risks identified under section 32 and any risk assessment carried out at national level and be proportionate to the nature and size of the reporting entity’s business.
(3) The procedures and systems shall be approved by senior management and be monitored and enhanced, if necessary.
Official source: Anti-Money Laundering and Countering the Financing of Terrorism Act (Cap. 251), Act 5 of 2020, Revised Edition as at 17 January 2025 (Acts 5 of 2020, 7 of 2021, 8 of 2021, 62 of 2021, 9 of 2022, 12 of 2024, S.I. 145 of 2020)
