Central Bank Imposes Fines on Financial Institutions for Compliance Violations
$500 Fine Issued for AML/CFT Non-Compliance
The Central Bank has imposed a fine of $500 on a financial institution for failing to meet certain compliance standards related to anti-money laundering (AML) and combating the financing of terrorism (CFT). The institution was found to have violated several regulations, including:
- Failure to properly monitor its customer database
- Lack of adequate risk assessments and due diligence procedures
- Failure to file timely suspicious transaction reports with the Financial Intelligence Unit
The report highlighted several areas where the institution fell short in its compliance efforts, including:
- Failure to properly identify and verify the identities of customers
- Inadequate monitoring of transactions for suspicious activity
- Lack of adequate training for staff on AML/CFT procedures
- Failure to file timely reports with the Financial Intelligence Unit
The fine was imposed as a result of an audit conducted by the Central Bank, which found that the institution had failed to meet certain compliance standards. The institution has been given a deadline to rectify these issues and bring its compliance program up to date.
$1,000 Fine Issued for Severe AML/CFT Non-Compliance
The Central Bank has also imposed a fine of $1,000 on another financial institution for severe violations of AML/CFT regulations. The institution engaged in numerous serious compliance failures, including:
- Failure to properly identify and verify the identities of customers
- Inadequate monitoring of transactions for suspicious activity
- Lack of adequate training for staff on AML/CFT procedures
- Failure to file timely reports with the Financial Intelligence Unit
The report highlighted several areas where the institution fell short in its compliance efforts, including:
- Failure to properly identify and verify the identities of customers
- Inadequate monitoring of transactions for suspicious activity
- Lack of adequate training for staff on AML/CFT procedures
- Failure to file timely reports with the Financial Intelligence Unit
The fine was imposed as a result of an audit conducted by the Central Bank, which found that the institution had failed to meet certain compliance standards. The institution has been given a deadline to rectify these issues and bring its compliance program up to date.
It is not clear at this time whether the institution will appeal the fine or take steps to improve its compliance program.