Banking Institutions Act.
This Banking Circular has four main purposes:
(1) to address the issue of money laundering on an interim basis until such time as
definitive legislation is enacted;
(2) to provide guidance regarding the prevention, detection and control of possible
money laundering activities; and
(3) to remind boards of directors and managements of financial institutions of their
responsibility to establish appropriate policies and procedures and train staff to
assure adequate identification of customers and their sources of funds; and
(4) to complement BID 3.