| Press
Release:
Amendments to the Money Laundering Guidelines
for Financial Institutions
July 9, 2003
St. John’s, ANTIGUA
The Anti-Money Laundering Guidelines for Financial Institutions
has been updated.
Section 2.1.10 now reads:
“2.1.10
Once verification procedures have been satisfactorily completed
and a business relationship has been established, no further
verification of identity is required when transactions are
subsequently undertaken for that customer as long as regular
contact is maintained, the identity papers remain current
and all updates on identity papers are verified.
The employee responsible
for updating or maintaining the customer account records is
expected to apply on-going “know your customer”
procedures in order to monitor and stay current with the affairs
and activities of the customer. Any change in these activities,
the nature or scale of the business should be reported to
the Compliance Officer, who if he/she deems it necessary or
appropriate in accord with the policy and procedures of the
financial institution, should report it to senior management.
When an existing customer closes one account and opens another
there is no need to re-verify identity. Where a business relationship
becomes inactive (no transactions for a year or more) a customer’s
identity should be re-verified in the event that the customer
wishes to recommence business activity.
Where at any time after verification has been completed a
customer service officer or any employee responsible for creating,
amending or maintaining customer account records, develops
reason to doubt the veracity or accuracy of the information
contained in the record of identity of a customer, then he/she
should report this to the Compliance Officer, and if the Compliance
Officer concurs with such reason, then the customer’s
identity should be re-verified.”
A copy of the formal notice of change by the Office of National
Drug & Money Laundering Control Policy can be found here.
Any questions on this change can be addressed to: director@antiguagaming.gov.ag.
Ronald Maginley
Director of Offshore Gaming
The Directorate of Offshore Gaming
2nd Floor – West Wing
CIBC Financial Centre
Old Parham Road
St. John’s, Antigua
Tel: (268) 481-3300 Fax: (268) 481-3305
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