It is the responsibility of financial institutions to establish and implant programmes, policies, procedures and controls that are necessary to prevent or detect money laundering. These include;
- Established procedures to ensure high standards of integrity of employees
- Evaluation of employees’ personal employment and financial history
- Training programmes for employees in the recognition and handling of transactions by persons believed to be engaged in money laundering
- Independent audit to ensure established programmes are being implemented
- Establish identification and transaction verification procedures and record-keeping procedures in accordance with regulations under the Act.