It is the responsibility of financial institutions to establish and promote programmes, policies, procedures, and controls that are necessary to prevent or detect money laundering. These include;
- The establishment of procedures to ensure high standards of integrity of employees
- Evaluation of employees’ personal employment and financial history
- Providing training for employees in the recognition and handling of transactions being conducted by persons believed to be engaged in money laundering
- Independent audits to ensure established programmes are being implemented
- The establishment of identification, transaction verification procedures, and record-keeping procedures in accordance with regulations under the Act.
- Appointing a Nominated Officer
- Identifying a Reporting Officer
- Instituting procedures to establish the risk of money laundering in products and business practices and developing technologies.