Supervision

The Role

The Supervision Section is empowered to fulfil its functions at Law, through Article 16(1)(c) of the Prevention of Money Laundering Act (PMLA). Its function revolves around monitoring anti-money laundering/combating the funding of terrorism (AML/CFT) compliance by subject persons who carry out relevant financial business or relevant activity in terms of Regulation 2 of the Prevention of Money Laundering and Funding of Terrorism Regulations (PMLFTR). The role of the Supervision Section is based on two main pillars:

  1. Identification and assessment of money laundering and funding of terrorism (ML/FT) risks posed by subject persons; and
  2. The supervision of adherence to AML/CFT obligations by subject persons.

To perform these functions, the Supervision Section is split into teams, as outlined below.

Supervision Teams
Remediation Team
Quality Control Team