Page 32 - Annual Report 2021 EN

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The Appendix table on the right provides 2021 statistics for Banking & Investment AML/CFT
engagements with firms (230 formal engagements overall) Statistics Total Insurance Management & Advisory Combined Standalone

• Supervision conducted 7 risk assessment visits RAVs 21 7 4 1 9

(RAVs) at banks and insurers in 2021:

Senior management meetings 195 87 45 11 63
– RAVs focussed on business models, credit risk/asset

quality, operational risk and business continuity,
QFCRA Presentations: 14 14 0
governance, and compliance and conduct risk

(including AML/CFT); RAVs at investment banks
• management 11 11 0
also covered equity investment/market risk
• Board/ARC 3 3 0
– Overall, the results of the RAVs conducted were
satisfactory and in line with 2020 findings
Auditors 18 17 1

• Supervision conducted 4 RAVs at investment
management firms, advisors, and insurance Supervisory Colleges 6 2 4

intermediaries to be consistent with point 1 above

– RAVs focussed on business models, customer classification,

governance, suitability of advice provided to customers,

and compliance and conduct risk (including AML/CFT)

– The results of the RAVs were satisfactory, with similar

results to 2020
– One RAV was conducted in conjunction with the

AML/CFT team, while nine standalone AML/CFT

RAVs were conducted

• The AML/CFT team conducted 74 management

meetings with firms, 11 jointly with Supervision

• During 2021, Supervision conducted 132 formal meetings

with senior management focussed on budget and strategy,

governance, the impact of COVID-19, AML/CFT and internal
and external audit reports (among other matters)

– Onsite file reviews were performed in conjunction with

45 of these meetings