Financial Intelligence Unit Annual Report 2011
Compliance
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 2011, the FIU conducted off-site compliance assessments of selected financial institutions, namely accounting and law firms. The results of the compliance assessments were finalised and provided to the accounting firms during the year. The compliance assessment results for the law firms will be finalised in 2012.
During the year, the FIU also 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 reporting of financial transactions to the FIU is a key requirement under the FTR Act. During 2011, the FIU conducted data quality assessments of transaction reports received from the 4 commercial banks. Results from these assessments were discussed with the respective institutions.