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Financial Supervision Authority new advisory guidelines

03.12.2008

On 22 October, the Financial Supervision Authority adopted advisory guidelines containing additional measures for preventing money laundering and terrorist financing in credit and financial institutions. In addition to obligations stipulated in the Money Laundering and Terrorist Financing Prevention Act, the guidelines regulate the adoption of additional measures during entering into a business relationship, identification of persons and carrying out transactions as well as establishing correspondent relationships with foreign credit institutions, relationships with foreign branches and subsidiaries, and relationships with persons whose country of origin does not implement the recommendations of FATF (Financial Action Task Force). The guidelines will come into effect on 1 April 2009.

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