Anti-Money Laundering/Counter Financing Terrorism (AML/CFT)
AML/CFT
CBRD took significant strides in enhancing its AML/CFT supervision, including the establishment of an AML/CFT unit which comprises of technical staff and is under the supervision of one Lead Analyst.
Ongoing training is provided to its staff, stakeholders and physical and virtual outreaches with other supervisors and regulators.
Being a supervisory body, the CBRD has been conduction risk based onsite inspections since 2020.
The office has also been empowered to take proportionate and dissuasive sanctions in the event of non--compliance with relevant AML/CFT legislations.
Function the AML/CFT Unit
• To ensure that legislation, guidelines, regulation and FATF recommendations are compiled with by the reporting persons and regulatees in relation with
AML/CFT obligations.
• To sustain a Risk Based Assessment of the legal persons registered by the Registrart of Companies.
• To update progress report for submission to FATF and ESSAAMLG for monitoring purpose.
• Maintenance of BO register and UBO register.
• Sharing of information with Competent Authorities and agencies.
• To provide outreach to reporting persons and regulates in AML/CFT obligations.
• To conduct inspection onsite and offsite in order to ensure that reporting persons and regulates are compliant with AML/CFT requirements.
• Prevention of abuse of NPO's by terrorists and proliferations.
