Article 10 of Anti-Money Laundering Law

Financial institutions and designated non-financial businesses and professions shall comply with the following: 1 - Establish internal policies, procedures, systems, and controls, including appropriate arrangements for compliance management and adequate screening procedures to ensure high standards when appointing employees. 2 - Implement an ongoing employee training programme to ensure their familiarity with the requirements for combating money laundering and terrorist financing and new developments, the techniques, methods, and prevailing trends in money laundering and terrorist financing, and requirements relating to due Law Index 441 Home Page Anti-Money Laundering Law Law No. 106 of 2013 concerning Combating Money Laundering diligence and reporting any suspicious transactions. 3 - Establish independent internal audit functions to verify compliance with internal policies, procedures, systems, and controls and ensure their effectiveness and conformity with the provisions of this Law. 4 - Develop mechanisms for exchanging available information and maintaining its confidentiality pursuant to Articles (4) and (5) with financial institutions and their domestic and foreign branches and subsidiaries. h - Appoint a compliance officer at senior management level who shall be responsible for implementing the requirements of this Law. 6 - The provisions of this Article shall, where possible, apply to all domestic and foreign branches and their subsidiaries.