In summary we perform the following functions to ensure compliance with the Act and Amendments thereto.

• Conduct yearly examinations of the reporting entities to ensure compliance with Sections 15, 16, 18, 19 and 20.
• Issue directions, guidelines and recommendations to reporting entities to ensure compliance with Sections 15, 16, 18, 19 and 20.
• Provide training to reporting entities in key areas to ensure awareness of obligations under the Act and Amendments.
• Ensure that reporting entities have current and updated money laundering and countering the financing of terrorism policies and procedures based on the law or any changes to the law.
• Impose directions that any foreign branches or subsidiaries of a reporting entity to adopt and enforce measures similar to the standards as set out in our AMLCFT Act and Amendments, and where unable to do so, require that same be reported.
• Conduct continuous monitoring of reporting entities and can do one or more of the following so as to ensure compliance with this Act:
  • Enter the business premises to inspect or take extracts or copies of relevant documents, inspect the premises and observe the manner in which the functions are performed by the reporting entity.
  • Require anyone on the premises to provide an explanation as to the information provided.
  • Request and be given information relevant to money laundering and the countering of terrorist financing.
• Co-operate and share information with domestic authorities.
• Develop standards and criteria for the reporting of suspicious activities.
• Submit reports to the FIU after acquiring any information concerning suspicious transactions or activities related to money laundering, terrorist financing or proceeds of crime.
• Co-operate, request and exchange information with other agencies performing similar functions.
• Maintain statistics concerning measures adopted and sanctions imposed.