Standards for the implementation of the Anti-Money Laundering and Countering the Financing of Terrorism policy

Document cover for Standards for the implementation of the Anti-Money Laundering and Countering the Financing of Terrorism policy
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Standards for the implementation of the Anti-Money Laundering and Countering the Financing of Terrorism policy

The Standards for the Implementation of the Anti-Money Laundering and Countering the Financing of Terrorism Policy are developed to implement the Anti-Money Laundering and Countering the Financing of Terrorism Policy. These AML/CFT Standards set the minimum and mandatory benchmarks to prevent, detect, and investigate money laundering and financing of terrorism, and to control and manage related risks. The AML/CFT Policy and these AML/CFT Standards shall be operationalised by standard operating procedures (“SOPs) which shall be developed by the Secretariat and the Independent Integrity Unit (IIU), and shall be approved by the EAC.

Cover date 08 July 2019
Document type Policies, strategies, and guidelines
Table of contents
  • Introduction
  • Definitions
  • AML/CFT risk management
  • Assessing risk and risk-based approach
  • Counterparty due diligence
  • Financial transaction activities monitoring
  • Reporting red flags, suspicious activities, and suspected ML/FT
  • Exiting a relationship
  • Training and capacity building
  • Record retention
  • Data protection and confidentiality
  • Right of interpretation
  • Authority of the documents
  • Review
  • Effective date