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.
Pursuant to the provisions of Section 10 of the Financial Services Authority Act 2011 the following Guidelines have been issued by the FSA to provide regulatory guidance and promote international standards and best practices pertaining to Anti-Money Laundering/Counter-Financing of Terrorism/Counter Proliferation Financing (AML/CFT/CPF) preventive measures to the non-bank and international financial services sectors in St. Vincent and the Grenadines:
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