Examples of FTRA in a sentence
Consequently, providers and their agents are expected to adhere to all of the requirements of the FTRA, the FTRR, the FIUA and subsidiary legislation made thereunder.
It is clear that certain business relationships established prior to the enactment of the FTRA (29th December, 2000) can still present a major threat of money laundering or terrorist financing, and indeed, it is a widely recognised tactic for money launderers to establish seemingly legitimate and normally-run accounts which are then used for laundering money or financing terrorism at a later date.
Recent amendments to the FTRA extends the categories of financial institutions that may act as eligible introducers subject to the directions and guidance issued by the Central Bank as the relevant Supervisory Authority.
Where a facility holder conducts a transaction through a facility provided by a financial institution, and in accordance with the provisions of section 9 of the FTRA, the financial institution verifies the identity of any non-facility holder in relation to that facility, the records generated by such verification must be kept by the financial institution for a period of not less than five years after the facility holder ceases to be a facility holder.
In accordance with section 31(j)(v) of the FTRA, providers and their agents are covered by the definition of “financial institutions”.
Section 28(3) of the FTRA provides that where the records relate to on-going investigations, they must be retained until it is confirmed that the case has been closed.
Sections 23, 24 and 25 of the FTRA require financial institutions to retain records concerning customer identification and transactions for use as evidence in any investigation into money laundering or terrorist financing.
Customers who conduct occasional transactions (whether a single transaction or a series of linked transactions) where the amount of the transaction or the aggregate of a series of linked transactions is less than $15,000 or the equivalent in any other currency, are exempt from the full verification requirements of the FTRA.
This will include the offences and penalties arising from the POCA and the FTRA for non-reporting and for assisting money launderers; procedures relating to the service of production and restraint orders; internal reporting procedures; and, the requirements for verification of identity, the retention of records, and disclosure of suspicious transaction reports under the FIUA, 2000.
The FTRA and FTRR, adopt the risk based approach recommended by the Basel Committee and the FATF.