The obligation of Reporting Entities:

Pursuant to Chapters 15.3.1, 15.3.20, and 15.3.21 of the AML/CFT Act of 2021, Reporting entities shall identify, assess and monitor their money laundering and terrorism financing risks, including those for pre-existing customers, products, services, geographic location, and delivery channel mechanisms; they are required to file Suspicious Transaction Reports (STR), Currency Transaction Reports (CTR), and other reports to the FIA for the purpose of monitoring the proceeds of crime, money laundering, and terrorist financing.

Reporting entities in the AML/CFT regime are Financial Institutions (FIs), Designated Non-Financial Businesses and Professions (DNFBP), and Financial Technologies (FinTech).