Supervision of Financial Institutions for Compliance with the FTR Act
The FIU and RBF are required under the FTR Act to ensure and supervise financial institutions’ compliance with the FTR Act and Regulations.
During the year the FIU participated in an on-site compliance visit undertaken by RBF of one of its licensed financial institution. The scope of the compliance visit included an assessment of the institution’s compliance with the FTR Act and Regulations.
The FIU conducted targeted AML compliance examinations of seven licensed foreign exchange dealers in 2009. The FIU liaised closely with these dealers in early 2010 to address key non-compliance issues raised during the compliance examination. Through targeted training and regular consultations with these foreign exchange dealers, serious non-compliance issues noted in the 2009 compliance examination were rectified in 2010.
In late 2010, the FIU commenced preliminary work on the offsite compliance assessment of selected financial institutions. This work will continue in 2011.