Anti-Money Laundering and Countering Financing of Terrorism Act 2009

131 Functions

The functions of an AML/CFT supervisor are to—

(a)

monitor and assess the level of risk of money laundering and the financing of terrorism across all of the reporting entities that it supervises:

(b)

monitor the reporting entities that it supervises for compliance with this Act and regulations, and for this purpose to develop and implement a supervisory programme:

(c)

provide guidance to the reporting entities it supervises in order to assist those entities to comply with this Act and regulations:

(d)

investigate the reporting entities it supervises and enforce compliance with this Act and regulations:

(e)

co-operate through the AML/CFT co-ordination committee (or any other mechanism that may be appropriate) with domestic and international counterparts to ensure the consistent, effective, and efficient implementation of this Act.