AML-9 AML-9 NCCT Measures and Terrorist Financing
AML-9.1 AML-9.1 Special Measures for Non-Cooperative Countries or Territories ('NCCTs')
AML-9.1.1
Capital Market Licensees must give special attention to any dealings they may have with entities orPersons domiciled in countries or territories which are:(a) Identified by the FATF as being 'non-cooperative'; or(b) Notified toCapital Market Licensees from time-to-time by the CBB.Amended: January 2022
Added: October 2010AML-9.1.2
Whenever transactions with such parties have no apparent economic or visible lawful purpose, their background and purpose must be re-examined and the findings documented. If suspicions remain about the transaction, these must be reported to the
Relevant Authorities in accordance with section AML-4.2.October 2010AML-9.1.3
Capital Market Licensees must apply enhanced due diligence measures to business relationships and transactions with natural and legal persons, and financial institutions, from countries where such measures are called for by the FATF. The type of enhanced due diligence measures applied must be effective and proportionate to the risks.Amended: January 2022
Added: July 2016AML-9.1.4
With regard to jurisdictions identified as NCCTs or those which in the opinion of the CBB, do not have adequate AML/CFT systems, the CBB reserves the right to:
(a) Refuse the establishment of subsidiaries or branches or representative offices of financial institutions from such jurisdictions;(b) Limit business relationships or financial transactions with such jurisdictions or persons in those jurisdictions;(c) Prohibit financial institutions from relying on third parties located in such jurisdictions to conduct elements of the CDD process;(d) Require financial institutions to review and amend, or if necessary terminate, correspondent relationships with financial institutions in such jurisdictions;(e) Require increased supervisory examination and/or external audit requirements for branches and subsidiaries of financial institutions based in such jurisdictions; or(f) Require increased external audit requirements for financial groups with respect to any of their branches and subsidiaries located in such jurisdictions.Amended: January 2018
Added: July 2016AML-9.2 AML-9.2 Terrorist Financing
AML-9.2.1AA
Capital Market Licensees must implement and comply with United Nations Security Council resolutions relating to the prevention and suppression of terrorism and terrorist financing.Capital Market Licensees must freeze, without delay, the funds or other assets of, and to ensure that no funds or other assets are made available, directly or indirectly, to or for the benefit of, any person or entity either (i) designated by, or under the authority of, the United Nations Security Council under Chapter VII of the Charter of the United Nations, including in accordance with resolution 1267(1999) and its successor resolutions as well as Resolution 2178(2014) or (ii) designated as pursuant to Resolution 1373(2001).Amended: January 2022
Amended: October 2019
Added: April 2017AML-9.2.1
Capital Market Licensees must comply in full with the provisions of the UN Security Council Anti-Terrorism Resolution No. 1373 of 2001 ('UNSCR 1373').Amended: January 2022
Added: October 2010AML-9.2.2
[This Paragraph was deleted in January 2018].
Deleted: January 2018
October 2010AML-9.2.3
A copy of UNSCR 1373 is included in Part B of Volume 6 (Capital Markets), under 'Supplementary Information' on the CBB Website.
October 2010AML-9.2.4
Capital Market Licensees must report to the CBB details of:(a) Funds or other financial assets or economic resources held with them which may be the subject of Article 1, Paragraphs (c) and (d) of UNSCR 1373;(b) All claims, whether actual or contingent, which theCapital Market Licensee has onPersons and entities which may be the subject of Article 1, Paragraphs (c) and (d) of UNSCR 1373; and(c) All assets frozen or actions taken in compliance with the prohibition requirements of the relevant UNSCRs, including attempted transactions.Amended: January 2023
Amended: January 2022
Added: October 2010AML-9.2.5
For the purposes of rule AML-9.2.4, 'funds or other financial resources' includes (but is not limited to) shares in any undertaking owned or controlled by the
Persons and entities referred to in Article 1, Paragraphs (c) and (d) of UNSCR 1373, and any associated dividends received by theCapital Market Licensees .Amended: January 2022
Added: October 2010AML-9.2.6
All reports or notifications under this section must be made to the CBB's Compliance Directorate.
October 2010AML-9.2.7
See section AML-4.3 for the Compliance Directorate's contact details.
October 2010AML-9.3 AML-9.3 Designated Persons and Entities
AML-9.3.1
Without prejudice to the general duty of all
Capital Market Licensees to exercise the utmost care when dealing withPersons or entities who might come under Article 1, Paragraphs (c) and (d) of UNSCR 1373,Capital Market Licensees must not deal with anyPersons or entities designated by the CBB as potentially linked to terrorist activity.Amended: January 2022
Added: October 2010AML-9.3.2
The CBB from time-to-time issues to
Capital Market Licensees lists of designatedPersons and entities believed linked to terrorism.Capital Market Licensees are required to verify that they have no dealings with these designatedPersons and entities, and report back their findings to the CBB. Names designated by the CBB includePersons and entities designated by the United Nations, under UN Security Council Resolution 1267 ('UNSCR 1267').Amended: January 2022
Added: October 2010AML-9.3.3
Capital Market Licensees must report to theRelevant Authorities , using the procedures contained in section AML-4.2, details of any accounts or other dealings with designatedPersons and entities, and comply with any subsequent directions issued by theRelevant Authorities .Amended: January 2022
Added: October 2010
