Enforcement

Enforcement

The The role of the Enforcement Section is to determine the administrative measures necessary in relation to identified AML/CFT breaches, and to subsequently ensure, by engaging with subject persons, that the failures identified are remediated. This also in fulfilment of the FIAU’s function in terms of Article 16(1)(c) of the PMLA. 

 

The responsibilities of the Enforcement Section encompass the application of enforcement action for AML/CFT breaches identified through the conduct of compliance examinations by the Supervision Section. Although any administrative measures to be applied in this regard are not decided on by the Enforcement Section, but rather by the FIAU’s Compliance Monitoring Committee, the Section is responsible for ascertaining that enforcement decisions made by the Committee are imposed in practice on the subject persons concerned.

 

The Enforcement Section is also actively involved in carrying out follow-up actions to ensure that remediation action by subject persons following the determination of AML/CFT breaches.

 

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