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AML handbook in the offing

The Financial Supervision Commission says most of its handbook entitled Anti-Money Laundering and Countering the Financing of Terrorism will come in to effect at the start of next month.

The exception will be section nine of the publication, comprising sector specific guidance which will be drafted in due course, with further industry consultation.

The FSC says the AML/CFT Handbook will provide guidance for the Commission’s licence holders on the requirements of the Criminal Justice (Money Laundering) Code 2007, and the anti-money laundering and countering the financing of terrorism provisions in part nine of the Financial Services Rule Book 2008.

The 'in effect' date of August 1, 2008 will correspond with the coming into effect of part nine of the Financial Services Rule Book, and will replace the Money Laundering and Prevention of Terrorism Guidance Notes from April 2003.

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