September 2015 Newsletter – AML/CFT Onsite Examination Programme (Part 2)
Fifty-five percent (55%) of the regulated entities were found to be compliant in maintaining a training program to test the effectiveness of their employees’ AML/CFT awareness and maintained a training register as evidence of that training. Pursuant to paragraph 133 of the FSIISR—“Training Programmes”, regulated entities should decide for itself how to meet and train members of its key staff in accordance with its particular commercial requirements and how such training is used effectively.
Read MoreAugust 2015 Newsletter – AML/CFT Onsite Examination Programme
The Financial Services (Regulation and Supervision) Department continues to conduct its on-site examination to assess the extent to which regulated entities are operating in accordance with their obligations under the relevant AML/CFT legislation, i.e. the Anti-Money Laundering Regulations, No. 46 of 2011 (“AMLR”), the Anti-Terrorism (Prevention of Terrorism Financing) Regulations No. 47 of 2011 (“ATR”), the Financial Services (Implementation of Industry Standards) Regulations No. 51 of 2011 (“FSIISR”), and the Proceeds of Crime Act, Cap 4.28 (“POCA”). Findings from these examination underpin the Department’s continued concern at the lack of effective implementation of the jurisdiction’s AML/CFT regime.
Read MoreJuly 2015 Newsletter – The Global Forum on Transparency and Exchange of Information for Tax Purposes
This edition provides information about the Global Forum on Transparency and Exchange of Information for Tax Purposes (“Global Forum”) for jurisdictions participating in the international effort to combat tax evasion and avoidance through transparency and tax information exchange.
Read MoreJune 2015 Newsletter – Verification Methods
Commonly referred to as Guidance Notes, the Financial Services (Implementation of Industry Standards) Regulations, 2011 were issued in accordance with Section 52 of the Financial Services Regulatory Commission Act, Cap 21.10. The Guidance Notes represent what is considered to be best industry practice and set out what is reasonably to be expected of regulated entities.
Read MoreMay 2015 Newsletter – Customer Identification Program
Identification Procedures in Relation to Business Relationships and One-Off Transactions Pursuant to Regulation 4 of the Anti-Money Laundering Regulations, 2011
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