Financial Institutions, Designated Non-Financial Businesses and Professions, and Virtual Asset Service Providers shall have internal anti-crime policies, controls, and procedures approved by Senior Management, proportionate to the identified Crime risks and to the nature and size of their activities, and the mitigation thereof. Such policies, controls, and procedures shall be reviewed and updated thereby on an ongoing basis, and shall include the following: 1. Customer Due Diligence measures as required pursuant to this Resolution, including risk management procedures for Business Relationships prior to the completion of the verification process. 2. Procedures for reporting Suspicious Transactions. 3. Appropriate anti-crime compliance management arrangements, including the appointment of a Compliance Officer at management level. 4. Screening procedures to ensure the application of high standards of fitness and propriety in the appointment of employees; 5. Preparation of anti-crime periodic programs and workshops to build the capacities and qualify those assuming the compliance function and other relevant employees. 6. An independent audit function to test the effectiveness and adequacy of internal anti-crime policies, controls, and procedures.
Interpretation and application must be checked against the official text and current version.