19th June 2024
The FIAU would like to inform Subject Persons of its new publication titled ‘Optimising Subject Persons’ Representations: Guidance on Best Practices for Subject Persons when Submitting Representations to the FIAU’.
If a Subject Person is found to be in potential breach of its obligations under the Prevention of Money Laundering and Funding of Terrorism Regulations (the PMLFTR), it is given the opportunity to submit written and oral representations to the Financial Intelligence Analysis Unit (FIAU)’s Compliance Monitoring Committee (the Committee). This publication offers Subject Persons a comprehensive understanding of the process for submitting these representations. Moreover, it outlines the steps that Subject Persons must follow to submit their representations in an effective manner, and includes details and insights behind the best practices to be adopted when making such submissions. Within this document, there is also an annex which contains information about the type of representations which the Committee would expect in response to breaches of specific AML/CFT obligations.
Kindly click on the button below, you will find the guidance under the tab entitled ‘General’: