Financial Crime World

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Financial Sector Regulatory Commission Enhances Anti-Money Laundering and Combating Financing of Terrorism Measures

The Financial Sector Regulatory Commission (FSRC) has announced a series of measures aimed at strengthening its anti-money laundering (AML) and combating financing of terrorism (CFT) framework. This move comes in response to the increasing threat of money laundering and terrorist financing activities.

Enhanced Framework for AML/CFT

Under the enhanced framework, financial institutions will be required to conduct regular self-assessments of their AML/CFT controls and submit periodic reports to the FSRB. Additionally, external auditors will review and verify the accuracy of these reports.

Risk-Based Approach to Supervision

The FSRB has also introduced a risk-based approach to supervision, which will enable it to focus on high-risk entities and individuals. This approach is designed to ensure that financial institutions are better equipped to detect and prevent money laundering and terrorist financing activities.

Key Components of the Enhanced Framework

  • Regular Self-Assessments: Financial institutions will conduct regular self-assessments of their AML/CFT controls.
  • Periodic Reporting Requirements: Financial institutions will submit periodic reports to the FSRB.
  • External Audits: External auditors will review and verify the accuracy of these reports.
  • Risk-Based Approach to Supervision: The FSRB will focus on high-risk entities and individuals using a risk-based approach.
  • Cooperation and Information Exchange: The Commission will cooperate and exchange information with other stakeholders, including law enforcement agencies, tax authorities, and other bodies or agencies.

Emphasis on Cooperation and Information Exchange

The FSRB has also emphasized the importance of cooperation and information exchange between financial institutions, regulators, and other stakeholders in detecting and preventing money laundering and terrorist financing activities. The Commission is committed to ensuring that its AML/CFT framework is effective and efficient in addressing these threats.

Conclusion

The enhanced AML/CFT framework announced by the FSRB demonstrates the Commission’s commitment to maintaining a robust and resilient financial system. The measures are designed to detect and prevent money laundering and terrorist financing activities, and to ensure the integrity of the financial system.