7 Hrs
Source:
الراي
Commerce Minister extends anti-money laundering efforts
The Minister of Commerce and Industry, Osama Bodi, announced the expansion of anti-money laundering and counter-terrorism financing controls to include the trade of precious metals and real estate brokers. The new measures involve risk assessments of customers and transactions, identification of the beneficial owner, record-keeping, and the implementation of due diligence measures. Additionally, companies will be required to establish approved internal policies and to exercise particular professionalism in high-risk operations. The decisions also emphasize the importance of verifying customer identities and conducting annual sales and inventory operations through a secure electronic system. A compliance supervisor will be appointed at the senior management level to ensure adherence to regulations, along with increased oversight and regulation to minimize the risks of money laundering and terror financing.
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