FC-B.2.4
Financial groups (e.g. an investment firm with its subsidiary) must implement groupwide programmes against money laundering and terrorist financing, including policies and procedures for sharing information within the group for AML/CFT purposes, which must also be applicable, and appropriate to, all branches and subsidiaries of the financial group. These must include:
(a) The development of internal policies, procedures and controls, including appropriate compliance management arrangements, and adequate screening procedures to ensure high standards when hiring employees;
(b) An ongoing employee training programme;
(c) An independent audit function to test the system;
(d) Policies and procedures for sharing information required for the purposes of CDD and money laundering and terrorist financing risk management;
(e) The provision at group-level compliance, audit, and/or AML/CFT functions of customer, account and transaction information from branches and subsidiaries when necessary for AML/CFT purposes; and
(f) Adequate safeguards on the confidentiality and use of information exchanged.
Amended: January 2018
Added: October 2014
Added: October 2014