Regulations Governing Anti-Money Laundering and Countering the Financing of Terrorism for Certified Public Accountants Article 8-1

A CPA shall comply with the following provisions in their watch list filtering programs on customers and connected parties of transactions:1. The CPA shall establish policies and procedures for watch list filtering, based on a risk-based approach, to detect, match, and screen whether customers, senior managerial officers or beneficial owners of customers, or connected parties of transactions, are individuals, legal persons, or organizations sanctioned under the Terrorism Financing Prevention Act or terrorists or terrorist groups identified or investigated by a foreign government or an international organization.2. The CPA's policies and procedures for watch list filtering of customers and connected parties of transactions shall include at least matching and screening logics, implementation procedures, and evaluation standards, and shall be documented.3. The CPA shall document their watch list filtering operations and maintain the records for a time period in accordance with Article 15.