The Financial Intelligence Analysis Unit (“FIAU”) has just published its AML/CFT Supervisory Plan for the year 2023/2024 (“Supervisory Plan 2023/2024”).
The Supervisory Plan 2023/2024 highlights the importance of the FIAU’s supervisory functions and provides some background on the type of supervisory interventions which it undertakes (whether through on-site examinations or desk based reviews). The supervisory interventions which the FIAU would engage in include Full Scope Examinations, Follow-Up Examinations, Thematic Examinations, Targeted Examinations and Supervisory Meetings.
Collaboration, contribution, feedback and commitment are highlighted as being key factors which should underpin the whole supervisory process with the FIAU.
For the first time ever, the FIAU has also published which area it intends to review as part of its supervisory process. Below is a summary of the type of supervisory visits which the FIAU intends to undertaken depending on the sector in question.
A link to the Supervisory Plan 2023/2024 is available here>>
This article was written by Dr Mario Zerafa (Senior Associate, Investment services & funds & AML).
