The Financial Transactions Reporting Act applies to persons and entities engaged:
The FTR Act also applies to mutual trust schemes, as defined in the Capital Markets Development Authority Act 1996; investment companies, money brokers and a broker or dealer of any other financial services
Your key obligations under this Act are as follows:
You must undertake specific procedures to identify your clients. You must also ensure that accounts are opened and maintained in the true name of the client.
For further guidelines refer to
You must scrutinize or monitor your client's transactions to ensure that the transactions being conducted are consistent with your knowledge of the client and his or her background. For further guidelines refer to: Guideline 1 of 26 October 2007 – Suspicious Transactions
You must establish and maintain records of your clients’ identity, transactions and records of all reports of transactions made to the FIU. Any enquiries made to your firm by the FIU and other law enforcement agency must also be recorded.
For further guidelines refer to Policy Advisory 7/2007- Record Keeping
You must report the following types of transactions to the FIU:
If you have in your possession or your control any property which is owned or is controlled by a terrorist or terrorist group or if you have information on a transaction or proposed transaction relating to a terrorist property, you must report this information to the FIU. For further guidelines refer to: Guideline 2 of 26 October 2007 - Reporting a Suspicious Transaction by Paper Guideline 3 of 22 May 2009 - Reporting Cash Transactions of $10,000 or above by Paper
Other measures that your firm must implement are: