August 2015 Newsletter – AML/CFT Onsite Examination Programme
The Financial Services (Regulation and Supervision) Department continues to conduct its on-site examination to assess the extent to which regulated entities are operating in accordance with their obligations under the relevant AML/CFT legislation, i.e. the Anti-Money Laundering Regulations, No. 46 of 2011 (“AMLR”), the Anti-Terrorism (Prevention of Terrorism Financing) Regulations No. 47 of 2011 (“ATR”), the Financial Services (Implementation of Industry Standards) Regulations No. 51 of 2011 (“FSIISR”), and the Proceeds of Crime Act, Cap 4.28 (“POCA”). Findings from these examination underpin the Department’s continued concern at the lack of effective implementation of the jurisdiction’s AML/CFT regime.
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