FSU Ensures Compliance with Anti-Money Laundering and Terrorist Financing Regulations

In a move to enhance transparency and accountability, the Financial Supervision Unit (FSU) has implemented measures to ensure compliance with anti-money laundering (AML) and terrorist financing regulations.

Regular Inspections and Training

According to Section 9 of the Act, the FSU is required to conduct regular inspections of entities and professionals to assess their AML and terrorist financing systems and controls. The unit must also train its staff to make objective assessments and form sound comparative judgments about these systems and controls.

Staff Training Program

The FSU has developed a comprehensive training program for its staff, which includes:

• Assessing the quality of internal procedures, including employee training programs and internal audit
• Evaluating the level of understanding among junior staff, particularly those at the front desk, about AML and terrorist financing laws and policies
• Designation of anti-money laundering compliance officers

Requirements for Entities and Professionals

The FSU has established requirements for entities and professionals to establish and maintain a written system of internal controls that detect and prevent money laundering and terrorist financing activities. These controls must include:

• Risk assessments
• Regular reviews of policies and procedures
• Designation of anti-money laundering compliance officers
• Implementation of customer due diligence processes

Additional Requirements

Entities and professionals are also required to:

• Provide for business continuity
• Maintain accurate records and reports
• Ensure timely updates in response to changes in regulations and initiatives
• Implement risk-based customer due diligence policies and procedures
• Identify reportable transactions and file required reports

Goals of the FSU’s Efforts

The FSU’s efforts to ensure compliance with AML and terrorist financing regulations aim to prevent the misuse of financial systems for illicit activities and protect the integrity of the financial sector.

Key Highlights:

• The FSU conducts regular inspections of entities and professionals to assess their AML and terrorist financing systems and controls. • The unit provides training for its staff to make objective assessments and form sound comparative judgments about these systems and controls. • Entities and professionals are required to establish and maintain a written system of internal controls that detect and prevent money laundering and terrorist financing activities. • These controls must include measures such as risk assessments, regular reviews of policies and procedures, and implementation of customer due diligence processes.