AML/CFT Supervision Strategy

AML/CFT Supervision Strategy

The Commission’s Strategic Focus guides its AML/CFT work program during the year ensuring effective implementation of measures to combat ML, TF, and PF risks inherent in the financial services sector. The AML/CFT/CFP Strategy is informed by, and designed to address, the areas identified in the recommendations emanating from

• The National AML/CFT Strategy and National Action Plan
• CFATF Mutual Evaluation Report of 2020
• International AML/CFT standards; and
• The Commission’s previous year work program

The 2022 Strategy is aimed at three strategic areas:

• The National AML/CFT Strategy and National Action Plan
• CFATF Mutual Evaluation Report of 2020
• International AML/CFT standards; and

The Commission’s AML/CFT/CFP Work Program sets out the specific actions to be taken by the Commission to achieve its 2023 strategy. This includes the following:-:

• Implement AML/CFT coordinated supervision;
• Conduct of AML/CFT risk assessment of all supervised entities/sectors;
• Conduct of onsite and offsite AML/CFT examinations;
• Review of the effectiveness and adequacy of relevant legislation;
• Identify and register unregistered Designated Non-Financial Businesses and Professions (DNFBPs);
• Publish relevant guidance and reports for supervised entities;
• Improve the submission of financial and annual reports by NPOs;
• Improve the submission of annual reports by DNFBPs;
• Maintain reliable IT systems to capture information/data on supervised entities;
• Promote domestic and international co-operation through enhanced relationships with relevant domestic, regional and international authorities;
• Ensure proper and timely cooperation on intelligence matters with local and foreign competent authorities, including establishing appropriate procedures for sharing intelligence, where available, and ensuring quality of information provided;
• Facilitate ongoing dialogue with industry stakeholders, professional associations and the general public to raise awareness of ML/TF/PF;