Revised Anti-Money Laundering Examination Forms
The Compliance Commission (the Commission) has revised its Anti-Money Laundering/Combating the Financing of Terrorism (AML/CFT) Examination Forms which were last revised in 2010.
The examination forms were revised to clarify:
The requirement for a written Risk-based AML/CFT policies and procedures document;
Examination of financial institutions with a branch or branches;
What comprise a proper sample of facilities for examination;
Examination period;
The requirement for AML/CFT staff training; and
What is an AML/CFT internal compliance review.
The purpose of the Commission’s examination forms is to assess the level of compliance of financial institutions with AML/CFT laws and guidelines. The forms are intended for the use of financial institutions supervised by the Commission and accountants appointed by the Commission to conduct AML/CFT on-site examinations on its behalf.
