Regulation 22 of the Prevention of Money Laundering and Funding of Terrorism Regulations (PMLFTR) and Regulation 9 of the Centralised Bank Account Registry Regulations (CBARR) empower the FIAU to negotiate and finalise settlement agreements with Subject Persons with regards to breaches identified under the Prevention of Money Laundering Act, the PMLFTR, the CBARR, the FIAU’s Implementing Procedures or any other binding guidance issued by the FIAU.
Settlement agreements offer a collaborative mechanism through which the FIAU and the Subject Person can reach an early resolution on identified AML/CFT breaches. They establish mutually agreed actions aimed at restoring compliance efficiently and effectively. This process promotes the timely correction of deficiencies and supports the prudent use of resources while still ensuring adherence to the applicable legal framework.
Publication of Settlement Agreement
In accordance with Article 13C of the Prevention of Money Laundering Act, the FIAU is required to publish a summary of any settlement agreement or out‑of‑court settlement it concludes with a Subject Person. Such publication notice, and any updates thereto, shall be carried out in line with the FIAU’s Policy for the Publication of AML/CFT Administrative Penalties and Measures, which governs not only the initial notice but also any subsequent updates or revisions that may arise.
Policies and Procedures on the Publication of AML/CFT Administrative Penalties and Measures