AML - CFT Supervision

The FIU and RBF are required under the FTR Act to supervise and ensure that financial institutions comply with the FTR Act and Regulations.
 
The FIU has conducted onsite compliance visits of law firms and real estate agents to assess their businesses’ compliance with the FTR Act and Regulations.  Key findings from the FIU onsite examination of the law firms and real estate agents included:

• no written AML policies or procedures in place;
• most of the firms were not fully aware of their reporting obligations under the FTR Act, thus, failed to report CTRs and STRs;
• staff were not provided with AML training;
• there was lack of monitoring of client’s engagements or transactions for any complex, unusual or large transactions.