Financial Crime World

Financial Authority’s Business Plan Approval and Audit Requirements Get Boost

The Financial Authority for Regulation of Financial Institutions (FARI) has implemented new regulations aimed at ensuring transparency and accountability in its financial operations.

Business Plan Approval

According to the newly enacted laws, FARI is required to submit a business plan to the Minister for approval. The plan must outline the institution’s goals, objectives, and strategies for each financial year. The proposal must be resubmitted if it is referred back by the Board or the Minister, and the process will begin again.

  • The approved business plan becomes the authority’s plan for the financial year
  • FARI is obligated to implement the approved plan
  • A mechanism for monitoring implementation must also be established

Financial Reporting Requirements

FARI is required to keep proper books of account, including income and expenditure records, as well as ensure that all money received and payments made are properly accounted for and authorized.

  • Annual financial statements and reports on business plan implementation must be prepared
  • These documents must be submitted to the Director of Audit for review
  • A copy of the report will be laid before the House of Representatives within seven days

Auditor General’s Report

Auditor General [Name] commended FARI for implementing these new regulations, stating that they will enhance transparency and accountability in its financial operations. “These measures are crucial in ensuring that our financial institutions operate efficiently and effectively,” he stated.

Penalties for Non-Compliance

The new laws also provide for penalties for non-compliance with the regulations. FARI may impose a late filing penalty on entities that fail to submit required returns or information, and individuals who fail to pay fees or penalties within the prescribed time frame may be subject to fines.

Conclusion

These new regulations demonstrate FARI’s commitment to transparency and accountability in its financial operations. The institution is working to ensure that it operates efficiently and effectively, while also protecting the interests of consumers.