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  • Chapter 6 Preventive Measures

    • Article 63

      FIs, DNFBPs, and NPOs shall identify, assess, understand and document its financing of terrorism risks, taking into account a wide range of risk factors, including those relating to its customers, countries or geographic areas, products, services, transactions and delivery channels, and provide its risk assessment report to the supervisory authorities upon request. The risk assessment under this Article shall include an assessment, prior to their use, of the risks associated with new products, business practices and technologies.

    • Article 64

      FIs and DNFBPs shall apply due diligence measures, and determine the extent of due diligence measures, on the basis of TF risks, to its customers and the business relationship, and shall apply enhanced due diligence measures when the TF risks are high. The Implementing Regulation shall set forth the instances in which such measures shall be taken and the types of measures to be taken.

    • Article 65:

       1-FIs, and DNFBPs shall keep records, for all domestic or foreign financial transactions as well as commercial and monetary transactions, keep all records and documents for a period of no less than ten years from the date of concluding the transaction or closure of account.
       
       2-In specific cases, the Public Prosecution may oblige FIs and DNFBPs to extend the record keeping period for as long as required for the purpose of a criminal investigation or prosecution.
       
       3-Records shall be sufficient to permit reconstruction of transactions and shall be maintained in a manner so that they can be readily made available to competent authorities upon request.
       

    • Article 66

      FIs and DNFBPs shall apply enhanced due diligence measures proportionate to the risks involving business relationships and transactions with a person from a country that was identified as high risk by the FIs, DNFBPs, or the Permanent Committee on Combating Terrorism and its financing. FIs and DNFBPs shall apply the risk mitigating measures prescribed by the supervisory authorities.

    • Article 67

      FIs, DNFBPs, and NPOs shall have in place and effectively implement policies, procedures and controls against financing of terrorism, aimed at managing and mitigating any risks identified. The Implementing Regulation shall specify matters to be addressed by such policies, procedures and controls.

    • Article 68

       1-Before entering into a cross-border relationship with other institutions, financial institutions shall apply appropriate risk mitigation measures, as prescribed by the Anti-Money Laundering Law.
       
       2-FIs shall apply the requirements stipulated in the AML Law when practice wire transfer activity.
       

    • Article 69

      FIs and DNFBPs must monitor and scrutinize transactions, documents, and data on an ongoing basis as prescribed by the relevant provisions stipulated in the Anti-Money Laundering Law, and examine any complex and unusual large transaction, and any unusual pattern of transactions that has no clear economic or legal objective.

    • Article 70

      FIs, DNFBPs, and NPOs including the providers of legal and account services that suspect or has reasonable grounds to suspect that funds or parts thereof are related or linked to or be used for financing of terrorism, including attempts to initiate such a transaction, shall take the following measures: 
       
       1-Promptly and directly, Report such transaction to the General Directorate of Financial Intelligence; and provide a detailed report including all available data and information on such transaction and relevant parties.
       
       2-Respond to requests from the Directorate for additional information.
       

    • Article 71

       1-FIs, DNFBPs, and NPOs as well as their Members of Board of Directors, directors, Members of its executive or supervisory management, and employees are prohibited from disclosing to a customer or any other person the fact that a report under this Law or related information will be, is being or has been submitted to the Directorate, or that a criminal investigation is being or has been carried out. This shall not preclude disclosures or communications between directors and employees or communications with lawyers or competent authorities.
       
       2-FIs, DNFBPs, and NPOs as well as their Members of Board of Directors, directors, Members of its executive or supervisory management, and employees shall be protected from any liability toward the reported if they report their suspicions to the Directorate in good faith