Section 17, Terrorism Act, 2012

(1) To enhance effectiveness and efficient use ofresources in fighting money laundering and terrorism financing, the anti money laundering and combating the financing of terrorism system shall be built on the basis of a risk-based approach with minimum standards for anti money laundering or combating of terrorism financing compliance obligations applicable to all reporting entities prescribed in this Act. (2) Further sector-specific and supplementary obligations may be provided for in other enactments, or guidelines applicable to specific sectors of reporting entities.