Functions of the Aniti-Money Laundering Supervision
The AMLSD consists of three divisions with mandates as set out below. All divisions are directly accountable to the Director of the department.
The divisions and assigned mandates are as follows:
- Licensing Division.
- Examinations Division.
- Strategy Management Division.
The Licensing Division is responsible for screening the entry of new registrants licensees into the markets supervised by the AMLSD which are the Non-Profit Organisations (NPO) sector, Designated Non-Financial Businesses and Professions (DNFBP) sector, Company Agents and Managers (CSP) sector and the MSB sector. The division will also be responsible for exit of supervised registrants and licensees. Below is a complete listing of the responsibilities of the division:
- Review and process all registration/licensing applications (including entering information and data obtained during this process into the relevant databases) for CSPs, DNFBPs, MSBs and NPOs
- Review and process all supervisory returns (Update Forms) and financial statements (including entering information and data obtained during this process into the relevant databases) for CSPs, NPOs, MSBs and DNFBPs
- Process all supervisory returns (including entering information and data obtained during this process into the relevant databases) received from the other regulatory departments of the Commission under the AML Coordinated Supervision Framework, for those licensees subject to the AML Regulations
- Review and process all applications in relation to change of Compliance Officer, Money Laundering Compliance Officer, Money Laundering Reporting Officer, Shareholders, Beneficial Owners, Directors, Senior Managers, etc. (including entering information and data obtained during this process into the relevant databases) for CSPs, DNFBPs, MSBs and NPOs
- Manage the exit of CSPs, DNFBPs, MSBs and NPOs from the market
- Maintain integrity of database containing information and data obtained through the registration and update (including changes) process (Master Lists, Registers, Application Handling Log, etc.)
- Maintain digital and physical files of CSPs, DNFBPs, MSBs and NPOs
- Maintain accurate contact list for all AML-supervised licensees and registrants as well as other subscribers to AML News Alerts
- Circulate financial sanctions notices received from the AG Chambers to AML-supervised licensees and registrants
- Circulate relevant Commission notices received from other departments and units of the Commission to AML-supervised licensees and registrants
- Maintain statistics on new registration/licensing applications, pending registration/licensing applications, completed registration/licensing applications, duration of processing applications and report same to the Strategy Management Division
The Examinations Division is responsible for the execution of the department’s examination program as well as its outreach program. Examinations are carried out to determine the level of compliance with AML laws, regulations and guidance issued by the Commission, to inform policy considerations as well as to understand the risk profile of licensees and registrants supervised by the department. Outreach is carried out to raise awareness and provide training on changes in AML standards, laws and regulations. Below is a complete listing of the responsibilities of the division:
- Conduct AML/CFT examinations (including onsite and offsite) of CSPs, DNFBPs, NPOs and MSBs as well as high risk AML-supervised licensees of other regulatory departments, in accordance with the examination program established by the Strategy Management Division
- Manage the remediation of licensees and registrants subject to enforcement action as a result of an examination
- Carry out awareness raising campaigns with all AML-supervised licensees and registrants
- Prepare risk profiles of supervised entities and ensure profiles are up to date
- Ensure AML examinations of all AML-supervised licensees and registrants are conducted in accordance with established guidelines, procedures, working papers, etc.
- Ensure AML risk-based supervision carried out by all regulatory departments is done in accordance with established guidelines, procedures, working papers, risk matrix, etc.
- Provide training to the other regulatory departments on AML examination procedures and techniques and AML risk-based supervision
- Report to the Strategy Management Division, statistics on examinations and remediation progress as well as on ML/TF risk assessments undertaken and trends/concerns observed
- Keep up to date on examination techniques and audits
Strategy Management Division
The Strategy Management Division is responsible for the design, execution and management of the department’s AML risk-based supervision strategy. The division monitors trends in the international regulatory environment, trends based on information and data obtained from licensees and registrants to inform the department’s AML supervisory strategy. The division works closely with the other divisions to obtain any information and statistics it may need to execute its functions. Below is a complete listing of the responsibilities of the division
- Provide technical support to the other divisions of the department on the regulation/supervision of AML risk
- Ensure that the TCI’s AML regulatory framework is up to date which necessitate reviews of laws, regulations, guidance, etc.
- Manage relationships with national agencies concerning AML risk management matters
- Monitor and report on the Commission’s responsibilities under the National Risk Assessment (NRA) Strategic Plan, and provide feedback to the divisions and other regulatory departments on the Commission’s performance under the plan
- Coordinate the Commission’s engagement with and responses to the CFATF and the CFATF Mutual Evaluation Report
- Through participation on the Anti-Money Laundering Committee, maintain a comprehensive view of the level, complexity, and management of AML risk in the TCI
- Advise the Managing Director on the management of AML risk
- Carry out Sector Supervisory Meetings with all AML-supervised sectors.