Page 34 - QFCRA Annual Report 2014
P. 34
ervision and
Authorisation
Enhancing financial intelligence on government and firms to encourage Strategic Plan and Supervisory
emerging money laundering and industry engagement and external Strategy to evaluate compliance
terrorism financing methods and outreach efforts to promote a with the AML/CFT Law and the AML/
vulnerabilities is another important broader understanding of AML/CFT CFT Rules. This strategy incorporates
objective, with the goal of assisting locally and internationally. risk rating all firms, onsite assessment
firms and partner regulators to AML/CFT Supervisory Activities visits, thematic reviews, outreach
do the same. Hand in hand with The Regulatory Authority and market conduct in conjunction
this objective is the building of implemented its 2014 AML/CFT to ongoing mutual assistance and
productive relationships with engagement with other State
domestic and international partners, authorities.
AML/CFT reviews of QFC firms - 1 January to 31 December 2014
Type of Examination Onsite Reviews* Desk-based Reviews** Total
Banks 11 61 72
Insurance Companies 4 59 63
Asset Management Companies 6 12 18
DNFBPs 12 61 73
Total 33 193 226
*Includes full onsite risk assessment visits, onsite consultation reviews and onsite thematic reviews
**Includes follow up action, reviews of reports/documents submitted by firms and desk-based thematic reviews
AML/CFT reviews of QFC firms per sector in percentages
Onsite Reviews Desk-based Reviews
32%
6%
33%
37% Banks
32%
Banks Insurance Companies
18% 12% Asset Management
Insurance Companies Companies
Asset Management DNFBPs
Companies
DNFBPs
31%
34 ANNUAL REPORT 2014
Authorisation
Enhancing financial intelligence on government and firms to encourage Strategic Plan and Supervisory
emerging money laundering and industry engagement and external Strategy to evaluate compliance
terrorism financing methods and outreach efforts to promote a with the AML/CFT Law and the AML/
vulnerabilities is another important broader understanding of AML/CFT CFT Rules. This strategy incorporates
objective, with the goal of assisting locally and internationally. risk rating all firms, onsite assessment
firms and partner regulators to AML/CFT Supervisory Activities visits, thematic reviews, outreach
do the same. Hand in hand with The Regulatory Authority and market conduct in conjunction
this objective is the building of implemented its 2014 AML/CFT to ongoing mutual assistance and
productive relationships with engagement with other State
domestic and international partners, authorities.
AML/CFT reviews of QFC firms - 1 January to 31 December 2014
Type of Examination Onsite Reviews* Desk-based Reviews** Total
Banks 11 61 72
Insurance Companies 4 59 63
Asset Management Companies 6 12 18
DNFBPs 12 61 73
Total 33 193 226
*Includes full onsite risk assessment visits, onsite consultation reviews and onsite thematic reviews
**Includes follow up action, reviews of reports/documents submitted by firms and desk-based thematic reviews
AML/CFT reviews of QFC firms per sector in percentages
Onsite Reviews Desk-based Reviews
32%
6%
33%
37% Banks
32%
Banks Insurance Companies
18% 12% Asset Management
Insurance Companies Companies
Asset Management DNFBPs
Companies
DNFBPs
31%
34 ANNUAL REPORT 2014
