Page 36 - Annual Report 2021 EN

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AML/CFT reviews of QFC firms AML/CFT reviews in 2021

For the year 2021 (as detailed in the table on the right), AML/CFT reviews of QFC firms - 1 January to 31 December 2021

QFCRA’s AML/CFT team undertook several AML/CFT

supervisory activities, incorporating: Type of Examination Full Onsite Reviews Consultation Reviews Onsite Thematic Reviews Desk-based Reviews Total

• Full and targeted onsite risk assessments; Banks 3 23 5 61 92

• 4 dedicated thematic review projects: Insurers and Intermediaries 0 36 0 68 104

– Cross-border remittances, which evaluated
Investment Managers 0 7 1 54 62
cross-border payment mechanisms and firms’
risk mitigation and application of product and
Advisory Firms 1 8 0 41 50
jurisdictional risk analysis;

– Q25 Annual AML/CFT Return to assess the quality
Representative Offices 0 0 0 4 4
of the returns and to update AML/CFT risk ratings;

– Annual MLRO Report to assess compliance,
DNFBPs 3 40 6 82 131
reporting, the identification of issues by the

Money Laundering Reporting Officer (MLRO),
Total 7 114 12 310 443
and the resulting action plans; and
– Independent Review Report, which evaluated the

effectiveness of the independent AML/CFT reviews,

and are a biennial requirement under the AML/CFT
rules for all firms.

• Consultation reviews were also undertaken regarding

follow-up actions and any outstanding reporting
obligations with firms.