The reform has two components: firstly, it introduces changes to the general regime for the prevention of money laundering (customer identification, due diligence, the appointment of a representative to SEPBLAC, and supervisory functions); secondly, it incorporates compliance with international financial sanctions into the system supervised by SEPBLAC. Among the most significant changes are the expansion of the cases in which identification is mandatory, the requirement for obliged entities to include a structured procedure for the application of sanctions in their manual, and the strengthening of the sanctions regime, with fines of up to 10% of turnover and personal liability for directors and senior managers.
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