Financial Crime World

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FSRC Introduces Enhanced AML/CFT/CPF Supervisory Framework

The Financial Services Regulatory Commission (FSRC) has launched an updated Anti-Money Laundering (AML), Combating the Financing of Terrorism (CFT), and Combating the Proliferation of Weapons of Mass Destruction (CPF) supervisory framework, designed to strengthen the financial sector’s resilience against money laundering, terrorist financing, and other financial crimes.

Annual Review and Reassessment

The FSRC will conduct an annual review and reassessment of regulated entities’ AML/CFT/CPF systems and controls. This review will consider significant events that may trigger increased frequency, such as breaches or new products/services. The assessment will also evaluate the responses to periodic AML/CFT/CPF self-assessment questionnaires and inherent risk returns.

Compliance and Enforcement

The FSRC will take a more proactive approach in enforcing AML/CFT/CPF regulations, focusing on high-risk areas and entities. Regulatory agencies will cooperate with other stakeholders, including:

  • Prudential supervisors
  • Financial intelligence units
  • Tax authorities
  • Law enforcement agencies
  • Judicial authorities

to ensure effective supervision.

Group-Wide Risk Assessment

The FSRC has introduced a group-wide risk assessment framework, which requires regulated entities to consider all relevant domestic and foreign risk factors. This includes risks associated with:

  • Cross-border operations
  • Branches and subsidiaries in other jurisdictions
  • Exposure to high-risk jurisdictions

Cooperation and Information Exchange

The FSRC will cooperate with other stakeholders to exchange information and share best practices in AML/CFT/CPF supervision. This cooperation will extend to relevant competent authorities in other jurisdictions where regulated entities operate cross-border.

Enhanced Supervision

The updated framework aims to strengthen the financial sector’s defenses against money laundering, terrorist financing, and other financial crimes. Regulated entities must demonstrate robust AML/CFT/CPF systems and controls to ensure compliance with regulatory requirements.

“We will work closely with regulated entities, other stakeholders, and international partners to ensure that our financial system remains resilient and compliant with global standards,” said [Name], Director General of the FSRC.

Contact

For more information, please contact:

  • [Name]
  • Financial Services Regulatory Commission
  • [Email]
  • [Phone]

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