External Publications
Published Date: 06 February 2024

Best practices for financial institutions to manage money laundering, terrorism financing and proliferation financing (ML/TF/PF) risks associated with receiving referrals from corporate service providers

This paper is produced by the ACIP working group on Legal Persons and Arrangements, as part of its ongoing work to consider and address risks in relation to the misuse of legal persons and arrangements. Specifically, this paper aims to set out best practices for financial institutions to review and adopt in order to manage ML/TF/PF risks associated with receiving referrals from CSPs.
Applies to: Credit/Charge Card Issuer , Finance Company , Full Bank (Branch) , Full Bank (Locally Incorporated) , Merchant Bank (Branch) , Merchant Bank (Locally Incorporated) , Wholesale Bank (Branch) , Wholesale Bank (Locally Incorporated) , Exempt Trust Company , Licensed Trust Company , Exempt Person Providing Trust Services , Approved CIS Trustee , Benchmark Administrator/Submitter , Central Securities Depository , Corporate Finance Advisory , Clearing House , Credit Rating Agency , Dealing in Capital Markets Products , Exempt Capital Markets Services Entity , Exempt Corporate Finance Adviser Serving Accredited Investors , Exempt Futures Broker , Exempt OTC Derivatives Broker , Foreign Fund Manager , Holding Company of Exchange or Clearing House , Licensed Fund Management Company , Members of Public , Markets and Exchanges , OTC Counterparties , Money Broker , Product Financing , Providing Custodial Services , Registered Business Trust , Registered Fund Management Company , REIT Management , Securities Crowdfunding , Venture Capital Fund Management Company , Trade Repository , Exempt Financial Adviser , Exempt Financial Adviser Serving up to 30 Accredited Investors , Licensed Financial Adviser , Credit and Charge Card Licensee , Credit Bureau Licensee , Designated Payment System Operator , Major Payment Institution , Designated Payment System Settlement Institution , Money-changing Licensee , Standard Payment Institution , Direct Insurer (Life) , Direct Insurer (General) , General Insurance Agents , Marine Mutual Insurer , SPRV , Direct Insurer (Composite) , Reinsurer (Life) , Reinsurer (General) , Reinsurer (Composite) , Captive Insurer , Lloyd's Asia Scheme , Authorised Reinsurer , Representative Office (Insurance) , Approved MAT Insurer , Financial Holding Company (Insurance) , Registered Insurance Broker , Exempt Insurance Broker , Approved Insurance Broker , Lloyd's Broker , Technology