March 1st is the Deadline for Submission of Anti-money Laundering Report by Companies

In awareness announcement, Capital Markets Authority emphasized the importance that licensed persons and the entities concerned with the application of the provisions of Law No. 106 of 2013 should peruse its Instruction No. (CMA/SD/MD/2013/4) regarding anti-money laundering and combating of terrorism financing, which was issued on 17/07/2013 and act according to the content thereof in general.

CMA stated: Capital Markets Authority reminds all persons concerned with the application of the aforesaid Instruction that they are required to prepare an annual report pursuant to paragraph (4/e) of Article (22) of such instruction, which requires the licensed person to prepare an annual report and submit the same to the Board of Directors of the licensed person. Such report should include all measures and actions taken to implement the internal policies, procedures and controls, and any suggestions to enhance effectiveness and adequacy of such procedures. A copy of the required report should be submitted to Capital Markets Authority not later than 1st of next March, in enforcement of the requirements under Circular No. 1 of 2015 issued on 07/01/2015.

Capital Markets Authority expressed its anticipation that the licensed person will comply with the content of such instruction in order to avoid the disciplinary actions as set forth in Law No. 7 of 2010 on the Incorporation of Capital Markets Authority and Regulation of Securities Business and the Executive Regulation thereof without prejudice to any stricter penalties set forth under Anti-money Laundering & Combating of Terrorism Law or any other relevant laws.

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