EY refers to the global organization, and may refer to one or more, of the member firms of Ernst & Young Global Limited, each of which is a separate legal entity. Ernst & Young Global Limited, a UK company limited by guarantee, does not provide services to clients.
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Legal Update | Major Changes of Law on Anti-Money Laundering 2022 | April 2023
This Update highlights the following key points:
- Reporting entities
- Customer due diligence (also known as KYC)
- KYC information
- Foreign Politically Exposed Person (Foreign PEP)
- Correspondent banking relationship
- Supervision of a number of special transactions
- Money-laundering risk assessment from the reporting entity
- Client classification
- Types of transactions must be reported
- Report on high-value transactions
- Report on suspicious transactions
- Time limit for reporting
- Provisional measures
- Storage of customers’ data