Section 13 Money Laundering Act

Section 13 of the Money Laundering (Prevention and Prohibition) Act 2022 is about New products, business practices and technologies. It provides as follows:

(1) Financial institutions and designated non-financial businesses and professions shall identify and assess the money laundering and terrorism financing risks that may arise in relation to the development of new products and new business practices, including new delivery mechanisms, and the use of new or developing technologies for both new and pre-existing products in accordance with the requirements specified by the regulatory authorities.

(2) Pursuant to the provisions of subsection (1), financial institutions and designated non-financial businesses and professions shall—

(a) undertake the risk assessments prior to the launch or use of such products, business practices and technologies ; and
(b) take appropriate measures to manage and mitigate the risks.

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