What obligations are placed on RPs?

Basic obligations imposed on reporting entities include: i. Assessing the money laundering and financing of terrorism risk that it may reasonably expect to face in the course of its business; ii. Establishing, implementing and maintaining an AML/CFT programme (procedures, policies and controls) to detect, manage and mitigate the risk of money laundering and the financing of terrorism; iii. Customer due diligence (CDD) (identification and verification of identity) and ongoing CDD; iv. Suspicious transaction reporting; v. Record keeping. Reporting entities have considerable flexibility within the limits prescribed by Regulations, in how they meet their obligations.