AML requirements eased during lockdown

By Victoria Young | Fri, 27 Mar 2020


The regulators for the country's anti-money laundering regime have said physical checks under AML legislation can be scrapped while the country is in lockdown. Anti-money laundering rules introduced in recent years mandated more stringent checks for real estate agents, lawyers, accountants, banks and financial services firms to know their customers better. In many circumstances, that meant face-to-face verification for customers, for example where a lawyer checks a client’s passport before undertaking a transaction. However, the...