Malawi: Stricter Customer Verification Measures Introduced to Combat Money Laundering and Financial Crimes | CUAC

Civil Union – Follow-up The Government of Malawi has announced new measures to strengthen efforts to combat money laundering and financial crimes by tightening customer identity verification and due diligence requirements for banks, financial institutions, and other regulated entities. The new measures, issued under the Financial Crimes Act, specify the acceptable identification documents for customers and strengthen mechanisms for verifying their identities through approved databases and biometric systems. They also establish thresholds under which simplified due diligence procedures may be applied. Authorities said the measures aim to close loopholes that could be exploited for money laundering, fraud, and other financial crimes, while strengthening the financial system’s ability to combat illicit funds. Source: Malawi Financial Intelligence Authority (FIA)