POWERS TO ENFORCE COMPLIANCE

In accordance with Article 21(11) of AML/CFT Act,2016, The FRC has the power to issue a formal warning, revocation or suspension of business license and fixed penalty fine upon reporting entities for non-compliance with anti-money laundering and countering the financing terrorism obligations.

The Table below illustrates the steps that will be taken to enforce compliance

No Enforcement Steps 2019
1 Formal Warning issued to Banking Institutions
2 Formal Warning issued to Money Transfer Businesses (Hawaalas)
3 Suspension Orders Issued
4 Revoked Business Licenses
5 Financial Penalties for Banking Institutions
6 Financial Penalties for the Money Transfer Businesses (Hawaalas)

Yesterday, On 14th Jan 2023, NAMLC held their second official monthly meeting which was discussed: 1) Preparation for the upcoming Mutual Evaluation. 2) Accelerating of ongoing ML/TF operations. 3) Strengthening International Relations. 4. National Risk Assessment Action Plan. pic.twitter.com/7pYuWTtAix