In accordance with the Section 32(1) of the AML/CFT Act, 2020 each reporting entity is obligated to take measures “to identify, assess, understand and monitor its risks of money laundering and terrorist financing activities and take appropriate measures to mitigate the risks identified.“
The Financial Services Authority has issued the relevant guidelines on the 26th of January 2021 with the aim to provide guidance and assist the reporting entities in fulfilling the above mentioned obligation.