GRA’s Role as a Supervisory Authority
Section 22 of the AML/CFT Act 2009 specifies the Roles of the Supervisory Authority (SA) as follows:
- Examine and supervise Reporting Entities (REs) and regulate and oversee effective compliance with the AML/CFT Act.
- Issue instructions, guidelines or recommendations and provide training to REs on their obligations and requirements under the Act.
- Conduct onsite compliance visits to inspect premises and documents and observe the manner in which certain functions are undertaken.
- Request and be given information relevant to ML/TF matters from REs.
- Cooperate and share information promptly with other domestic competent authorities or other countries.
- Develop standards and criteria applicable to the communication of suspicious activities.
- Impose requirements that RE shall ensure that their foreign branches and subsidiaries adopt and enforce measures consistent with this Act.
- Submit a report to the FIU, on or before 3 working days, after acquiring any information on any suspicious transactions or activities.
- Maintain statistics concerning measures adopted and sanctions imposed under this Act.