law4all

Act number 169 of 2006 as amended
Basic idea to make this law is to Counter Terrorism Financing and why there is a need to counter Terrorism Financing?
accouts which are included to check in money laundering are
(1)- A credit card account.
(2)- A loan Account.
(3)- An account of money held in the form of units such as
(a)-A cash management trust.
(b)- a trust of the kind Described by the AML(anti money laundering rules).
to avoid doubt this also includes E-Currency and E-monry.
For the purpose of this act all individuals, company, trust which come under this heading and thioer money transfer shoud be checked prperly and regularly.Audit is necessary in every defined period of time.
Identity of the Person must be varified by authorized staff.
carrying out the persons identifaction procedure before the commencement of the designated service.
International funds Transfer instructions must bev carried out properly through a well defined procedure.
Obtain the information about the identity of the holders of foreign credit card and Foreign debit card