Page 27 - Annual Report 2022 EN

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AML/CFT Reviews of QFC firms in 2022 Risk Assessment Visits

The AML/CFT 2022 RAV schedule was completed, with results reported below. The Several RAVs were conducted in Q4 of 2022
AML/CFT reviews included 32 onsite reviews, of which 17 were full onsite reviews for both FIs and DNFBPs, and the RMPs were

and 15 thematic reviews, 84 consultation reviews, and 160 desk-based reviews. not scheduled to be closed until 2023.

AML/CFT reviews in 2022 Table 3:

AML/CFT reviews of QFC firms - 1 January to 31 December 2022 2022 statistics

Full Onsite Consultation Onsite Thematic Desk-based FIs DNFBPs
Type of Examination Reviews Reviews Reviews Reviews Total
RMP items issued 5 7

Banks 4 1 16 2 18 40

RMP items closed 47 21
Insurers and Intermediaries 2 2 24 3 34 63

Feedback letters issued 16 4

Investment Managers 1 7 4 23 35

Action items 46 33
Advisory Firms 2 5 3 34 44

No new matters were referred to Enforcement in 2022;

Representative Offices 0 0 0 2 2 however, the AML/CFT team continued to support

Enforcement with ongoing enforcement matters and
3
DNFBPs 8 32 3 49 92 previous referrals.

Total 17 84 15 160 276

In addition to the supervisory activity set out above, the AML/CFT team maintained an

enhanced supervisory programme for two firms due to the high residual AML/CFT risks
associated with their activities, while another firm was monitored via a Supervisory Notice.

1 One joint RAV with Supervision

2 One joint RAV with Supervision

3 Two joint RAVs with MOCI