Part 1.2 Key AML/CFT principles 1.2.1 Principle 1—senior management responsibility The senior management of a firm must ensure that the firm’s policies, procedures, systems and controls appropriately and adequately address the requirements of the AML/CFT Law and these rules. Note Firm is defined in r 1.3.1 and senior management is defined in the glossary. 1.2.2 Principle 2—risk-based approach A firm must adopt a risk-based approach to these rules and their requirements. 1.2.3 Principle 3—know your customer A firm must know each of its customers to the extent appropriate for the risk profile. customer’s Note Customer is defined in the glossary. 1.2.4 Principle 4—effective reporting A firm must have effective measures in place to ensure that there is internal and external reporting whenever money laundering or terrorist financing is known or suspected.
Part 1.2 Key AML/CFT principles 1.2.1 Principle 1—senior management responsibility The senior management of a firm must ensure that the firm’s policies, procedures, systems and controls appropriately and adequately address the requirements of the AML/CFT Law and these rules. Note Firm is defined in r 1.3.1 and senior management is defined in the glossary. 1.2.2 Principle 2—risk-based approach A firm must adopt a risk-based approach to these rules and their requirements. 1.2.3 Principle 3—know your customer A firm must know each of its customers to the extent appropriate for the customer’s risk profile. Note Customer is defined in the glossary. 1.2.4 Principle 4—effective reporting A firm must have effective measures in place to ensure that there is internal and external reporting whenever money laundering or terrorist financing is known or suspected.
QFCRA_6883_VER8.docx