FMA warns on AML

Entities are required by law to have their risk assessment and AML/CFT programme audited by an independent auditor every two years.

For this year’s review the FMA selected 64 entities to inspect their audit report files and the details of any action, or planned activity, resulting from their last audit report. As a result of this review:

·         Five formal warning were issued to reporting entities for failing to have their risk assessment and AML/CFT programme audited within the last two years.

·         The FMA has also issued compliance letters to five reporting entities requesting follow-up action by the entity or further information.