On Aug. 18, ISR CB issued a consultation on AML risk management.
ISR CB published a consultation on managing the risks of prohibition of money laundering and prohibition of the financing of terrorism (Directive 411).
Follows ISR CB Jun. 2024 updated Anti-money laundering and prohibition of terrorism financing risk management (proper banking management order 411), see #212287.
Proposals
Starting in Aug. 2024, old identity cards without biometric identification will start to expire, and their validity will no longer be marked.
To address operational issues from expiring identity cards and ease banking financial management, Appendix B6 will be temporarily implemented until Jul. 31, 2025.
This has been decided in coordination with the Population and Immigration Authority.
Effectiveness
Comments on the consultation must be submitted by Aug. 25, 2024.
Sep. 2024 Appendix B6
On Sep. 1, 2024, ISR CB issued circular 2794, version 27 of AML and prohibition of terror financing risk management (proper conduct of banking conduct directive 411).
New temporary order, appendix B6, added and remains in effect until Jan. 31, 2025.
New order confirms that a banking corporation may verify the identification details of the service recipient according to an identity card that does not include biometric identification means and is not stamped with validity, even if a certificate has expired.
