The Anti-Money Laundering (AML), Countering Financing of Terrorism (CFT), Countering Proliferation Financing (CPF) and Targeted Financial Sanctions (TFS) for Designated Non-Financial Businesses and Professions (DNFBPs) and Non-Bank Financial Institutions (NBFIs) (AML/CFT/CPF and TFS for DNFBPs and NBFIs) policy document is a revision of the AML/CFT and TFS for DNFBPs and NBFIs policy document issued on 31 December 2019.

This policy document incorporates the recent updates to the Financial Action Task Force’s Standards as well as enhances clarity on the AML/CFT/CPF requirements imposed on reporting institutions. Reporting institutions are required to implement a risk-based approach in managing ML/TF/PF risks and comply with the TFS requirements.

Issuance Date
5 February 2024

Effective Date
6 February 2024

Issuing Department
Financial Intelligence and Enforcement Department

Document

• Anti-Money Laundering, Countering Financing of Terrorism, Countering Proliferation Financing and Targeted Financial Sanctions for Designated Non-Financial Businesses and Professions and Non-Bank Financial Institutions