Foreign Exchange company’s positive inspection results
23 November 2022
As part of the Department’s wider inspection work, AML/CFT Regulators recently re-visited a Foreign Exchange company to conduct a second on-site inspection. Our AML/CFT Regulators originally visited this Reporting Entity in early 2020, and since then the reporting entity has shown massive improvements on the sections of the Act that were assessed. This is reflected in the positive results for effectiveness in its most recent report.
The areas of focus for this inspection were:
- Standard Customer Due Diligence (CDD)
- Enhanced CDD
- Suspicious Activity Reports (SARs)
- Prescribed Transaction Reports (PTRs)
- Identity Verification Code of Practice (IVCOP)
- Ongoing CDD
- Keeping written findings
During this visit, our AML/CFT Regulators found the Reporting Entity had adequate and effective policies, procedures and controls in place and assessed them as compliant in almost all of the areas observed.
As the AML/CFT system continues to mature, this is the level of compliance we expect to see across all our regulated sectors and entities. A strong foundational understanding of your AML/CFT obligations ensures your business is better prepared to detect, deter and prevent money laundering and the financing of terrorism.
