3. Who are the local regulatory authorities in Cambodia, and which government authorities are responsible for the investigation and prosecuting money laundering criminal offenses?
Cambodia Financial Intelligence Unit (“CAFIU”), National Bank of Cambodia, Anti-Corruption Unit, National Coordination Committee, etc.
4. What is the status of Cambodia's FATF?
Cambodia is one of the member countries obliged to comply with FATF standards. Cambodia is on the list of countries with inadequate AML strategies prepared by FATF. The last Mutual Assessment Follow-up Report on the implementation of anti-money laundering and counter-terrorism financing standards in Cambodia was made in 2019. According to this Assessment, Cambodia is Compliant for 2 of the FATF 40 'recommendations and Largely Compliant for 21 of them.
5. Which global regulations Cambodia have to comply with?
Cambodia is a member of FATF, therefore it is obliged to comply with the recommendations of FATF standards.
6. What are the AML obligations of the businesses in Cambodia?
According to Cambodian laws, organizations with a risk of money laundering have obligations such as scanning customers (Customer Due Diligence), storing data obtained from screening, detecting high people such as PEP, detecting suspicious transactions, and reporting to the necessary institutions.
7. What are the local AML laws and regulations in Cambodia?
Law on Anti-Money Laundering and Combating the Financing of Terrorism ('the 2020 AML/CFT Law'), Law on Anti-Money Laundering and Combating the Financing of Terrorism (2017),etc.
8. What are the penalties for failure to comply with Anti-Money Laundering law in Cambodia?
Money laundering natural persons pay two to five years' imprisonment or a fine between KHR 100,000,000 and KHR 500,000,000. Legal entities committing money laundering offenses are liable to pay fines between KHR 500,000,000 and KHR 1,000,000,000
9. What are the contact details of the relevant regulators in Cambodia?
National Bank of Cambodia
Preah Norodom Boulevard, 12304, Phnom Penh, Cambodia
10. Are violations of anti-money laundering obligations also subject to criminal sanctions in Cambodia?
Yes, Legal entities found to have violated the AML law are subject to sanctions such as warnings, fines, revocation of operating licenses and dismissal of managers and officers.
11. What can oblige institutions do to prevent money laundering and to comply with AML regulations in Cambodia?
Obliged entities can protect themselves from risks by complying with money laundering regulations. All organizations in Cambodia can easily comply with regulations with Sanction Scanner's AML solutions (AML Name Screening, Transaction Monitoring, Transaction Screening, and Adverse Media Screening). Contact Us or Request Demofor detailed information.