What is the examination process?
As a supervisory authority, GSC is required to conduct an examination of each reporting entity falling within our secondary mandate in the Fourth Schedule of the Act. The examination process is conducted on an annual basis. It involves the on-site and off-site monitoring and inspection of the reporting entity. Its purpose is to assess the level of compliance of the reporting entity and the level of risk posed by the reporting entity. The examination process involves the preparation and completion of:
- An Enity Profile.
- AML Questionnaire.
- AML Examination Risk Matrix.
- Compliance Report Summary.
- Letter of Review/Findings of Examination.
- Follow up action/s, directions, guidelines and/or recommendations.
- A report to the FIU, where necessary.
A reporting entity has specific obligations as more fully set out and contained in Sections 15, 16, 18, 19 and 20 of the Act and Amendments thereto.
What information is used in the examination process?
Information used in the Examination includes:
Off Site Information
- AML policy, guidelines and manual
- Operational policies and procedures
- All transactions through GASCI
- Off platform trades
- AML independent Audit
- Other information, form time to time, as may be required.
On Site Information
- AML policy and its implementation
- Sample of dividends
- Sample of discretionary accounts
- Sample list of customers approved for remission
- Sample list of customers who are exempted
- Sample list of Enhanced due diligence conducted on high-risk customers
- Sample of customers instructions
- Sample of customers identification and verification information
- Sample of source of funds declaration
- Sample of customer agents/representative/servants' information
- Other information, from time to time, as may be required.
Forms