AML/CFT | FCIC

FCIC is committed to combating money laundering and the financing of terrorism. Our AML/CFT framework establishes comprehensive requirements for regulated firms to detect, prevent, and report suspicious activities.

AML/CFT Framework

The AML/CFT framework is designed to protect the integrity of the financial system and comply with international standards. Key components include:

Customer Due Diligence (CDD): Requirements for identifying and verifying customer identity and understanding the nature of business relationships.
Enhanced Due Diligence (EDD): Additional measures for high-risk customers, including politically exposed persons (PEPs).
Transaction Monitoring: Systems to detect suspicious transactions and patterns of behavior.
Suspicious Activity Reporting: Obligations to report suspicious transactions to the Financial Intelligence Unit.
Record Keeping: Requirements for maintaining adequate records of transactions and customer identification.

Key Requirements

Risk Assessment

Firms must conduct regular ML/TF risk assessments and implement appropriate mitigation measures.

Policies & Procedures

Comprehensive AML/CFT policies and procedures must be established and maintained.

Compliance Officer

Appointment of a designated Money Laundering Reporting Officer (MLRO).

Staff Training

Regular training on AML/CFT obligations and recognizing suspicious activities.

International Standards

FCIC's AML/CFT framework is aligned with international standards, including:

Financial Action Task Force (FATF) Recommendations
United Nations Security Council Resolutions
Egmont Group best practices
Regional AML/CFT cooperation agreements

Penalties for Non-Compliance

Failure to comply with AML/CFT requirements can result in significant penalties, including financial penalties, restrictions on business activities, and criminal prosecution. FCIC takes AML/CFT compliance very seriously and will take enforcement action where necessary.

AML/CFT Framework

The AML/CFT framework is designed to protect the integrity of the financial system and comply with international standards. Key components include:

Customer Due Diligence (CDD): Requirements for identifying and verifying customer identity and understanding the nature of business relationships.

Enhanced Due Diligence (EDD): Additional measures for high-risk customers, including politically exposed persons (PEPs).

Transaction Monitoring: Systems to detect suspicious transactions and patterns of behavior.

Suspicious Activity Reporting: Obligations to report suspicious transactions to the Financial Intelligence Unit.

Record Keeping: Requirements for maintaining adequate records of transactions and customer identification.