Anti-Money Laundering/Counter-Financing of Terrorism Risk-Based Supervision
The Financial Services Authority (FSA) is responsible for overseeing compliance of the non-bank financial institutions and international financial services sector pursuant to the requirements of the Financial Services Authority Act, No. 33 of 2011, Proceeds of Crime Act, 2013 and Anti-Money Laundering Regulations and Code and provide guidance on how to comply with these requirements.
AML/CFT supervision is mainly carried out through off-site and on-site activities. The FSA applies a risk-based approach to ensure that institutions falling under its oversight are well supervised and that threats and risks are identified and addressed in a timely manner. The FSA has developed an AML/CFT Supervisory Framework which outlines the methodology adopted for the determining its AML/CFT supervisory approach.
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