Page 38 - Annual Report 2019

35 ANNUAL REPORT 2019 SUPERVISION AND AUTHORISATION

AML/CFT reviews of QFC firms Sector-wide AML/CFT reviews of QFC firms 2018 and 2019
For the year 2019, the Regulatory Authority’s AML/CFT team undertook the
following AML/CFT supervisory activities, incorporating full and targeted on-site
risk assessments, desk-based reviews encompassing the Annual AML/CFT Return
(Form Q25), the Annual Money Laundering Reporting Officer Report to Senior
Management, the Biennial Independent AML/CFT Review Report, and the
Annual Business Risk Assessment. On-site risk assessments were conducted at
firms that were risk-rated in the “high” to “medium” categories, and based on DNFBPs Banks
prescribed supervisory cycles.

AML/CFT reviews of QFC firms 1 January to 31 December 2019

Type of Full on-site Consultation Thematic Desk-based Total
examination reviews reviews reviews reviews

Banks 09 23 0 67 99 Investment
management
Insurance 02 27 0 32 61 companies
companies
Investment
management 0 05 0 14 19
comapnies Insurance companies
DNFBPs 07 38 0 38 83

Total 18 93 0 151 262